Stocks to Watch: Rivian, Airbnb, Lumen Technologies, Trex

By Connor Hart

Rivian Automotive posted a wider quarterly loss as the company continues to lose money on every vehicle it sells. The company reported revenue of $1.16 billion, a net loss of $1.46 billion and an adjusted per-share loss of $1.13 in the second quarter, all roughly in line with Wall Street’s expectations. The electric-vehicle maker lost an average of $32,705 on each vehicle it sold. Shares fall 7.3%, to $13.72, in after-hours trading.

Airbnb warned about signs of a demand slowdown in the US and shorter booking lead times globally. The short-term rental company guided for third-quarter revenue between $3.67 billion and $3.73 billion, missing the $3.84 billion analysts expect. The outlook follows lower-than-expected earnings in the recent quarter. Shares slide 16%, is $109.10, in post-market trading.

Lumen Technologies raised its free-cash-flow projection and said its future earnings will benefit from its ability to support artificial-intelligence initiatives. The telecommunications company’s increased cash flow is helped by new business deals worth $5 billion, announced Monday, that will support large companies’ AI ambitions. Shares surge 36%, is $6.76, in after-hours trading.

Trex cut its revenue outlook for the year as weaker sales of its entry-level decking product weighed on results in the second quarter. Chief Executive Bryan Fairbanks said the uncertain economic outlook also contributed to the company’s lowered full-year view. Trex now expects revenue for the year between $1.13 billion and $1.15 billion, down from a range of $1.22 billion and $1.24 billion. Shares fall 15%, to $65.25, in post-market trading.

Write to Connor Hart at [email protected]

(END) Dow Jones Newswires

August 06, 2024 20:11 ET (00:11 GMT)