SpaceX declined 8% in premarket trading on Wednesday, even after the company reported second-quarter revenue of $7.8 billion, which surpassed Wall Street's consensus estimate of $6.81 billion. The company also managed to narrow its net loss to $0.09 per share. The stock came under pressure as key operational metrics fell short of ambitious market expectations. During the quarter, SpaceX completed 38 rocket launches, missing the 43 launches that analysts had forecast. Additionally, the total mass of payload delivered to orbit reached 485 metric tons, trailing the consensus estimate of 580.93 metric tons.
Advanced Micro Devices fell 8% in premarket trading. Despite reporting second-quarter results that exceeded expectations, with adjusted earnings per share of $1.66 on revenue of $11.54 billion. The company's management provided a robust third-quarter revenue outlook of approximately $13 billion (±$300 million), which would represent roughly 41% year-over-year growth, alongside non-GAAP gross margins of 56%. However, lofty market expectations had already been priced into valuations for AI-focused chipmakers, prompting investors to lock in profits following the release.
Elon Musk, Founder and CEO of SpaceX, confirmed during the latest earnings call and on social platforms that the company has formally decided to exclusively adopt NVIDIA GPUs to meet all its AI‑computing requirements, stating outright that NVIDIA’s products are “the best” available on the market. Fueled by this news, NVIDIA jumped 2% in premarket trading.
Arista Networks jumped 14% in premarket trading. The company delivered a robust performance for its second quarter and reported earnings per share of $1.02 on revenue of $3.04 billion, comfortably surpassing analyst expectations. The strong results were further reinforced by an optimistic revenue forecast for the third quarter, projected at $3.3 billion against a consensus estimate of $2.95 billion. This guidance has reassured investors that spending on AI network infrastructure from both enterprises and hyperscalers remains exceptionally strong, driving the positive market reaction.
Upstart Holdings, Inc. climbed 12% in premarket trading following its quarterly report, which showed revenue of $364.71 million, surpassing the consensus estimate of $347.18 million. Although earnings per share came in at $0.16, missing expectations, investors largely overlooked the slight earnings shortfall. Instead, market attention centered on the company's improving loan origination volumes and stronger credit performance across its artificial intelligence-driven lending platform. This positive sentiment was reinforced by Upstart's maintained full-year revenue outlook of $1.4 billion, suggesting continued confidence in its business trajectory and operational execution.
Booking Holdings climbed 6% after exceeding second-quarter estimates, reporting earnings per share of $2.54 on revenue of $7.35 billion. Robust global travel demand and a record number of room nights booked pushed margins above Wall Street projections, indicating ongoing strength in international leisure travel.
Match plunged 9% after missing top-line expectations, reporting second-quarter revenue of $853 million versus the $857.25 million consensus, despite a $0.70 earnings per share beat. Soft third-quarter revenue guidance of $885 to $895 million, with the midpoint below expectations, highlighted ongoing stagnation in payer growth on its flagship Tinder platform.
Pinterest, Inc. tumbled 9% in premarket trading, while the company surpassed Wall Street predictions for both earnings and revenue in the second quarter, reporting an earnings per share (EPS) of $0.43 compared to the anticipated $0.36, alongside $1.18 billion in revenue. The company also achieved a new milestone by reaching 640 million monthly active users. Investor sentiment soured primarily due to the company's cautious third-quarter revenue forecast of $1.19 billion to $1.21 billion, with a midpoint of $1.20 billion. This caution was driven by ongoing concerns about pricing pressures in the advertising market and the significant costs associated with ramping up artificial intelligence infrastructure, which overshadowed the otherwise robust user growth figures.
Lucid Group Inc dropped 8% after the company reported a second-quarter loss of $2.78 per share, wider than anticipated, on revenue of $405.35 million that fell short of the $422.32 million consensus estimate. Persistent production cost challenges and ongoing pricing pressures in the luxury electric vehicle market continue to delay the company's path to profitability.
Zeta Global Holdings Corp. fell 6% despite the company reporting a solid second-quarter performance with revenue reaching $443 million, topping expectations. The marketing cloud operator also raised its full-year 2026 revenue forecast to a range of $1.811 billion to $1.824 billion. However, the company posted a modest GAAP earnings per share of $0.03, and concerns over near-term margin expansion coupled with elevated sales and marketing expenses dampened trader sentiment.
Coupang, Inc. declined 5% following second-quarter revenue of $8.9 billion, slightly below the Wall Street consensus of $9.07 billion. However, the Asian e-commerce company posted a narrower-than-expected loss of $0.09 per share, reflecting improved operational efficiencies in its logistics operations and integration efforts with Farfetch.