Biggest stock movers today: Etsy, Wayfair, PayPal, Qualcomm and more
Diego Thomazini
Stock futures fell on Thursday as risk-off sentiment continues following Fitch's downgrading of the United States' credit rating and hot jobs data.
Here are some of Thursday's biggest stock movers:
Biggest stock gainers

Wayfair (NYSE:W) shares climbed 9% after the company posted better-than-expected 2Q earnings, which were accompanied by decreased costs, resulting in positive adjusted EBITDA and free cash flow.

Following excellent Q2 earnings, Upwork's (NASDAQ:UPWK) shares increased by almost 22%. The company also upgraded its FY2023 revenue forecast to $665M and $675M, from $655M and $670M previously, and non-GAAP diluted EPS to $0.36 to $0.39, from $0.24 to $0.28.
EVgo (NASDAQ:EVGO) shares rose 12% as the company outperformed expectations in Q2 with top-line growth of 457% Y/Y. During the second quarter, the company added roughly 82,000 new customer accounts, bringing the total number of client accounts to 688,000 at quarter end, a 55% growth Y/Y.

Biggest stock losers

Despite exceeding expectations in Q2, Etsy's (NASDAQ:ETSY) stock fell about 8% on a lower Q3 outlook. The company forecasted Q3 sales of $610M to $645M, compared to the $633M consensus, and GMS of $2.95B to $3.10B, compared to the $3.07B consensus.
PayPal's (NASDAQ:PYPL) stock slumped over 8% after the company reported Q2 profits that were in line with Wall Street expectations and reiterated its 2023 non-GAAP EPS projection of $4.95 vs. $4.94 consensus. The number of active accounts continued to slip to 431M at June 30, 2023, down from the previous quarter's 433M at March 31.
Shares of Qualcomm (NASDAQ:QCOM) slipped more than 10% after the semiconductor company reported mixed Q3 results with weak Q4 guidance. The company expects Q4 adjusted EPS to fall within a range of $1.80 to $2 per share, with revenue between $8.1B and $8.9B.
Robinhood (NASDAQ:HOOD) shares declined by 6% after the company reported mixed Q2 results. The company's monthly active users decreased by 1M sequentially to 10.8M, below analysts' expectation of 11.2M.
Schrodinger (NASDAQ:SDGR) is down 17% after missing the top-line consensus and lowering its forecast for 2023 drug discovery revenue. Drug discovery revenue is now expected to range from $50M to $70M, down from the prior expectation of $70M to $90M.

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