Lyft, Blizzard, Take-Two and more

Lyft (LYFT): Shares of Lyft fell more than 8% in extended trading after the giant’s active riders for the third quarter missed estimates. Active riders totaled 20.31 million, short of the Street estimate of 21.1 million. Revenue of $1.05 billion also came in against expectations. On an upbeat note, revenue per active user rose to $51.88, up 13.7% from a year ago.

Activision Blizzard (ATVI): Results from the video game maker pushed shares slightly higher in after-hours trading. Profits and sales were lower than a year ago, but beat Street expectations. The company announced Call of Duty: Modern Warfare II surpassed $1 billion in worldwide sales in its first 10 days of release, making it the fastest-selling title in the franchise’s history. Activision Blizzard CEO Bobby Kotick noted that he expects the sale of the company to Microsoft “to close Microsoft’s current fiscal year ending June 2023.”

Take-Two Interactive (TTWO): The company cut guidance for full-year net bookings, sending shares lower by more than 10% in after-hours trading. For its fiscal year, Take-Two sees revenue of $5.4 billion to $5.5 billion, down from its previous estimate of $5.8 billion to $5.9 billion. For the fiscal second quarter, net bookings came in at $1.5 billion, missing the Street estimate.

Groupon (GRPN): The company reported third-quarter revenue fell 33% from a year earlier, pushing the stock down in extended trading. Global revenue was $144.4 million in the third quarter, while global billings totaled $433.9 million. Groupon also outlined additional cost-cutting measures, saying the company is “on track” to meet its goal of reducing its cost structure by $150 million annually and aims to “identify an additional $50 million in savings and related cost actions from the end of 2023”.

TripAdvisor (JOURNEY): Shares fell 10% after TripAdvisor’s earnings missed expectations. Adjusted earnings were 28 cents per share for the third quarter, missing the Street estimate of 39 cents. The online travel company expects fourth-quarter revenue to show low-single-digit increases from 2019 levels.

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