Bloomberg Audio Studios, podcasts, radio news.
The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Let's take a look at some stocks on the move today. I'm Tom Keen with Paul Sweeni and Bloomberg's Alexis Christophers.
All right, I'm going to start actually with a loser of the day, even though you say I'm very optimistic, but Coinbase down two point six percent. You're to date, this stock is down fifteen percent. So just a couple days ago, Coinbase announced it was going to cut about seven hundred jobs, or fourteen percent of its workforce. Well, today it posted quarterly results that missed already lowered estimates on both the top and bottom line. First quarter revenue
at coinbased down thirty one percent. That's on the heels of a twenty percent decline in the previous quarter. It also posted a net loss of nearly four hundred million dollars. Here's the story. Falling token prices, they're draining trading activity across digital asset markets and also Coinbase, by the way, was hit with a big outage. Today they say they they're back up and running, but it was out for like seven hours because of a problem an overheating at
an Amazon Web Services data center in northern Virginia. So that's sort of the last thing it needed.
Yep. But Paul, over the last couple of years, it's gone from fifty to four hundred, five zero to four hundred, and we're back down now at one eighty seven. Is the indication. Okay, I have no idea what to make about.
No, No, it's just a got used to volatility there, that's what That's what I take away there.
There's a lot more competition in this field. Morgan Stanley also has their own e trade platform coming.
Out, so we're Katie Greifeld when I need it.
Yeah, that's all right. Cloud Fair, the ticker symbol there net and et down nearly seventeen percent, was having a pretty good year though, up about thirty percent year to date. So the company gave a forecast for revenue that fell short of estimates. It's also going to cut about eleven hundred jobs, and this is a familiar theme as it
prioritizes artificial intelligence tools into its operating model. Just ahead of these results, though, an analyst at Bloomberg Intelligence said that higher costs related to powering AI tools may slow cloud fairs revenue growth. The company is looking to build on its recent success by focusing on large enterprise customers who spend one hundred thousand or more. So they're looking for the big money, the big spenders.
It's a moonshot throw up one hundred and seven percent this year.
Yep, yeah, Intactay.
I'm in Davos. A kid comes up to me. I meany kid. He's like twenty eight to thirty two years old, hanging out. He goes, Hi, my name is Matthew. Can I come watch you on TV? I'm a huge fan, So I'm up there. I don't even know who I'm talking to. And as a guy, I got them up on set with you know, the team at Bloomberg Television in Davos, and I didn't realize until I was back in America, like six weeks it was Matthew Prince a cloud fair Matthew.
If you're listening, he wasn't wearing his name Badge.
Yeah, I didn't have his name bad John. Come on, you don't wear your name badge when Barry's playing at the piano bar. But the answer is Matthew. I'm sorry. I didn't know who you are. When everybody's going, oh my god, it's Matthew Prince and I'm like, you know, I know nothing. Next, well, you.
Made amends now here on the air. All right, let's squeez a little Wendy's in here. So the fast food chain, posting a first quarter profit of twenty two million dollars revenue rose three point three percent, also reaffirmed its full year outlook, so we know they're sort of undergoing this transformation right now. They're trying to get back on track and make their stores profitable once again. The sales growth, though, was actually a result of higher franchise fees and as
well as higher revenue from advertising funds revenue. The CEO, Ken Cook, who by the way, is their interim CEO, He said, there's still in the early stages of a turnaround after launching a growth strategy last year, but those same store restaurant sales really important. We know it a seven point eight percent drop, so they continue to lose business to McDonald's, which we know this week came out with better than expected earnings.
We go to surveyance Wendy's correspondent Paul Sweeney, Are you into the new cookie dough Frosty Fusion?
No, but I am a big fan of the Bacon Eater.
And Nathan Hagar, respected news voice from Watching DC, stepped in and said, best surprise in the business. Wow solid This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.