Pre-Market Movers: Zillow, Figma, AppLovin Lead Declines; Moderna Gains on New Vaccine Approval
Claire Weston
Over a dozen US stocks swung sharply in pre-market trading on earnings and corporate news, with AppLovin down nearly 20% and Figma off 14% leading the selloff; the common thread is a market that punishes any guidance miss — however small — as valuation cushions in tech and consumer shrink.
Why are the ad-tech and software leaders hit hardest?
AppLovin dropped nearly 20% pre-market. Q3 adjusted EBITDA guidance of $1.71 B–$1.74 B fell short of the $1.75 B consensus. Q2 revenue also came in slightly below expectations. This means → the market's tolerance for high-multiple ad-tech names has narrowed to the point where missing by a sliver triggers a rout.
Figma fell 14%. Full-year adjusted operating profit guidance of $125 M–$135 M trailed the $133.2 M consensus, even though Q2 results beat. In plain terms = the quarter passed, but the full-year target was set too low — and the market punished immediately.
Salesforce slid nearly 5% after naming former Oracle executive Miguel Milano as COO. The stock is already down more than 27% year-to-date.
Real estate, fitness, dating — why are consumer names getting crushed?
Zillow fell over 11% despite a Q2 beat — adjusted EPS of $0.52 topped the $0.45 estimate and revenue of $772 M exceeded the $758 M consensus. The drag: the company simultaneously announced roughly 500 layoffs and expanded CFO Jeremy Hofmann's role to include COO duties. This means → strong numbers could not offset the confidence shock from organizational upheaval.
Peloton dropped nearly 14%. Q4 EPS of $0.13 matched estimates and revenue beat, but paid subscribers fell 8.8% year-over-year. In plain terms = the company is making money, but fewer people are using the product — and that kills the growth story.
Bumble fell 5%. Q2 loss per share of $0.84 badly missed the $0.25 profit consensus; Q3 adjusted EBITDA guidance of $56 M–$60 M also fell short of the $68.7 M expectation.
What is going on with the storage sector?
Western Digital dropped over 15%. Guidance — adjusted EPS of roughly $4.00 and revenue of roughly $4.1 B — actually topped consensus ($3.81 EPS, $4.04 B revenue), yet the stock still sold off. This reflects a market that has already priced in a "beat" for storage names; only a blowout can hold the share price.
SanDisk fell 10%. Q4 results beat, but Q1 revenue guidance of $10.3 B–$10.8 B landed with a midpoint that disappointed versus the $10.47 B consensus.
Which other names guided soft?
Warby Parker fell 7%. Q2 revenue of $235.5 M missed the $238 M consensus; EBITDA beat and full-year guidance was unchanged.
Duolingo dropped 7%. Current-quarter revenue guidance of $302 M trailed the $303.9 M consensus, and bookings guidance of $307 M also fell short of $308.8 M. In plain terms = the miss is tiny, but in this market mood, "just under the bar" is enough to get punished.
Who is bucking the trend?
Moderna rose 4% after the FDA approved its mRNA flu vaccine mFlusiva for adults aged 50 and above — an important product approval beyond the company's COVID franchise.
DoorDash gained 4%. Q2 revenue of $4.45 B beat the $4.34 B consensus; EPS of $0.46 matched estimates.
IonQ climbed 3.9%. Q2 revenue beat, and full-year revenue guidance of $280 M–$290 M topped the $268.6 M consensus.
Versant Media advanced 5%, raising its full-year outlook to revenue of $6.2 B–$6.45 B and adjusted EBITDA of $1.9 B–$2.05 B; Q2 revenue and profit both beat.
Content is for reference only, not financial advice.