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US markets mixed; Shopify fell 16% on FY22 warnings; Roblox tumbled 26% on Q4 results

  • The Nasdaq fell 0.11% to close Wednesday’s session at 14,124 points.
  • Shopify tanked 16% on Q4 results amid warnings of slowed revenue growth.
  • Roblox tumbled 26% on Q4 results falling short of Wall St expectations.

The US markets sold-off in morning trade before a rebound hit mid-session following the release of the minutes of the Fed’s latest meeting, indicating a less aggressive stance to raising interest rates in the very near future.

The Dow Jones fell 0.16% to finish the trading day down 55 points to close at 34,934 points.

The tech heavy NASDAQ fell 0.11% to finish the trading day down 16 points to close at 14,124 points.

One bitcoin is worth US$44,120 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 72.05 US cents.

Ecommerce software company Shopify tanked 16% on Wednesday after releasing fourth-quarter earnings results. Despite beating analysts’ expectations on both top and bottom line results including revenue growth of 41% to US$1.38bn, investors sold out of Shopify shares after the company said it expects revenue growth to slow in 2022.

Shares in gaming developer Roblox plunged 26% yesterday after the company released fourth-quarter earnings results that fell short of Wall St expectations. For the period, Roblox reported revenue of US$772m and a loss per share of US$0.25/share, well above analysts’ expectations, but Roblox managed to report 33% growth in daily active users to 49.6m.

And the resurrection of General Motors’ Hummer brand through the new Hummer electric vehicle comes at a hefty weight, featuring a battery that weighs more than a standard Honda Civic car.

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