Closing Bell: Rivian Delivers Earnings, Qualcomm Rallies, Roblox Crates Afterhours

On this episode of Stock Movers, we get a roundup of earnings after the bell:  Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec. - Rivian (RIVN) posted a narrower first-quarter loss ahead of the sales debut of its new R2 SUV that’s seen as critical to the electric-vehicle maker’s future. The company separately said it would increase initial production at a new factory planned in Georgia to 300,000 vehicles annually, up from 200,000 units under its previous plan. Construction of the facility is scheduled to begin this year with R2 output at the plant starting in late 2028, the company said. - Qualcomm (QCOM) rallied in trading today after it said it was making headway in the lucrative data center market and predicted that the China phone industry would bounce back.When reporting quarterly results Wednesday, the chipmaker said that a top hyperscaler — an industry term for the largest data center operators — was on track to begin using its components later this year. Qualcomm, the biggest maker of smartphone processors, sees AI data centers as a major source of potential growth. Though the company declined to give customer names, it said it’s been working with a number of prospective customers and has become more optimistic about the market. - Roblox (RBLX) reported first-quarter users that fell short of analysts’ expectations after implementing safety features restricting how kids, who make up a majority of its audience, can use the platform. The video-game company’s 132 million daily active users fell under analysts’ estimates of 143.8 million. While that’s a 35% increase year-over-year, it marks the second consecutive decline compared with the previous quarter. Bookings, a measure of sales, came in at $1.7 billion, falling slightly short of Wall Street’s expectations of $1.73 billion. Roblox shares were down about 16% in trading after the results were announced. Growth was “tempered by greater-than-expected headwinds from our age-check roll out,” according to Roblox’s shareholder letter. New child-safety updates “restricted on-platform communication for non-age checked users, diluted communication for age-checked users, and slowed new user acquisition.” Shares of Roblox continued to tumble in the aftermarket.See omnystudio.com/listener for privacy information.