Business

Lordstown Motors, eBay, Sonos and even more

EBay headquarters in San Jose, California, USA, on Monday, August 9, 2021.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making the headlines after the bell rang on Wednesday:

eBay – eBay shares fell 2.4% after the company reported disappointing revenues for the second quarter. EBay posted $ 2.67 billion in revenue for the quarter, missing a $ 3 billion Refinitiv forecast. The gross volume of goods also fell 7% year-on-year to $ 22.1 billion, and its third-quarter outlook fell both on earnings and revenues.

Sonos – The audio product maker has seen its stock jump 7% after its earnings report, which came in at 12 cents per share. Analysts interviewed by Refinitiv expected a loss of 17 cents per share. Sonos also recorded strong revenues of $ 378.7 million, compared to an estimated $ 313.6 million. CEO Patrick Spence said in a statement that “with more video content going directly home, consumers are demanding a home theater audio experience.”

Rackspace Technology – The company’s share of cloud technology services fell more than 5% after a disappointing third-quarter forecast eclipsed stronger-than-expected results for the previous quarter. The company said it expects third-quarter revenues to range between $ 750 million and $ 760 million. It is under a StreetAccount estimate of $ 763.2 million. Rackspace beat The Road on second-quarter revenue and earnings, which were 24 cents per share and $ 744 million, respectively.

Lordstown Motors – Shares of electric vehicle manufacturers increased by almost 4.5% despite the company posting a larger loss than expected for the second quarter. Lordstown reported a loss of 61 cents per share. It is higher than the 49 cents per share analysts surveyed by Refinitiv forecast. Lordstown said it still plans to start production of its electric truck in September, with the first deliveries starting in the first quarter of 2022.


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