Top Stock Movers: LKNCY, PINS, TTD
3:21 pm Tuesday, May 24th, 2022
Chinese coffee company Luckin Coffee (OTCMKTS:LKNCY) is one of the rare bright spots in the market on strong Q1 performance. Luckin Coffee stock is up slightly today after the company announced impressive first-quarter financial results for the quarter ended March 31. This morning, the Xiamen-based company reported total net revenue of $379.3 million in its fiscal Q1, representing 89.5% year-over-year (YOY) growth. Luckin also announced 556 net new store openings, a 9% increase from its total stores in Q4 2021. The company now operates 6,580 throughout China. Additionally, Luckin reported 16 million average monthly transacting customers in its Q1, an 83% YOY jump.
The Trade Desk (NASDAQ:TTD) stock isn’t doing so hot on Tuesday but it’s not due to any news from the tech company. Instead, investors can look to Snap (NYSE:SNAP) as the source of news dragging down TTD stock, as well as other internet company shares today. So what exactly did Snap do to spook internet stocks? The social media company announced that it won’t reach its internal guidance for revenue or profit. It’s worth noting this comes just one month after the company reported quarterly user growth in April above estimates.
Pinterest (NYSE:PINS) stock is plunging 25% today after Snap (NYSE:SNAP) issued an earnings warning. In morning trading, PINS stock is down 25%, worsening an already bad situation for shareholders of the social media company. Prior to today, Pinterest’s stock had declined nearly 40% year to date. Pinterest is one of several social media companies whose share price is being battered today after Snap, the operator of the Snapchat social media platform, said it is unlikely to meet its second-quarter earnings estimates due to deteriorating macroeconomic conditions and a decline in advertising revenue. That news has spooked investors who are selling off social media stocks as a result.
