Today’s Market Movers: AppLovin, SanDisk, and Western Digital Lead Stock Losses
TLDR
- AppLovin dropped 16% after missing Q2 revenue and EBITDA expectations with soft Q3 guidance
- SanDisk fell 9% on mixed Q1 guidance despite a 372% year-over-year revenue surge
- Western Digital tumbled 14% on profit-taking despite beating earnings estimates
- SoundHound AI jumped 24% after reporting strong Q2 results and raising full-year guidance
- Moderna rose 3.5% after FDA approved its new mFLUSIVA influenza vaccine
Investors rotated out of tech stocks on Thursday, sending several major names sharply lower while blue-chip stocks held up. The Dow Jones Industrial Average was on track for a fourth straight closing high.
AppLovin was the day’s standout loser, dropping 16% after the ad-tech company missed second-quarter revenue and EBITDA expectations. The company guided for third-quarter revenue of $2.05 billion to $2.08 billion, roughly in line with estimates but not enough to satisfy investors after a strong run.
AppLovin and Memory Stocks Take the Biggest Hits
SanDisk slid around 9% despite reporting fiscal fourth-quarter revenue that surged 372% year over year to $8.97 billion. The problem was guidance. Its first-quarter revenue forecast midpoint came in below Wall Street estimates, which overshadowed otherwise strong results.
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