Stock Movers: Apple, Roblox, Reddit
Apple's Q2 revenue edged past analysts' estimates, driven by iPhone and Mac demand, while Roblox's daily active users fell short of expectations, causing its shares to tumble. Reddit's Q1 sales surpassed Wall Street estimates, continuing its strong revenue growth streak.
Apple delivered second-quarter revenue that edged past analysts' estimates, driven by demand for the iPhone and Mac. However, the results were uneven, with Apple falling short of expectations in the Americas and Europe regions, while exceeding projections in China and other parts of Asia. Roblox reported first-quarter users that fell short of analysts' expectations, causing its shares to tumble in post-market trading. The company's 132 million daily active users fell under analysts' estimates of 143.8 million. Reddit projected sales in the current period that surpassed Wall Street estimates, continuing a streak of strong revenue growth powered by its surging advertising business. Reddit's first-quarter sales gained 69% to $663 million, easily outpacing the average estimate of $609.3 million.
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