Here are the companies making headlines in midday trading.
Spotify — The streaming audio stock fell more than 12% after the company's monthly active users for the first quarter disappointed investors. Spotify also cut its full year guidance for the metric. The company did report a smaller-than-expected loss for the first three months of the year.
Shopify — Shares of the e-commerce company popped 11.4% after Shopify reported adjusted earnings per share that were close to triple what analysts had projected. The company reported $2.01 in adjusted earnings per share on $989 million in revenue. Analysts surveyed by Refinitiv were expecting 74 cents per share and $865 million in revenue.
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Microsoft — Shares of the software giant stumbled 2.8% on Wednesday despite Microsoft reporting beats on the top and bottom lines for its fiscal third quarter. Some Wall Street analysts pointed toward concerns about the growth of Azure, Microsoft's cloud business, as a reason for the selling pressure.
Boeing — Shares of the aircraft-maker lost 2.9% after posing its sixth-straight quarterly loss. Boeing reported a loss of $1.53 per share. The company made $15.22 billion in revenue, topping estimates of $15.02 billion, according to Refinitiv.
Pinterest – The social media company's stock slid 14.5% after Pinterest missed user growth expectations for the first quarter. However, the company beat top and bottom line estimates for the period. Pinterest earned 11 cents on $485 million in revenue, compared to forecasts of a 7-cent profit and $474 million in revenue, according to estimates from Refinitiv. Monthly active users came in at 478 million, short of the expected 480.5 million.
Enphase Energy – Shares of the microinverter maker slid more than 14% following the company's first-quarter results. Enphase beat top and bottom line estimates for the period, but guidance was light amid ongoing semiconductor shortages. "Looking to Q2, our shipment volumes will be constrained by semiconductor component availability," Enphase's CEO said on the earnings call.
Amgen — The biotech company's share price slid more than 7% after reporting disappointing quarterly earnings. Amgen reported adjusted EPS of $3.70 per share, while analysts expects EPS of $4.04 per share. Amgen made $5.9 billion in revenue, missing estimates of $6.27 billion, according to Refinitiv.
Starbucks — Shares of the coffee chain dipped more than 3% on Wednesday after the company's revenue for the fiscal second quarter came in lighter than expected. Starbucks reported 62 cents in adjusted earnings per share on $6.7 billion in revenue. Analysts surveyed by Refinitiv were expected 53 cents per share and $6.8 billion in revenue.
Mondelez — The snack food stock climbed 3.7% after Mondelez beat Wall Street estimates on the top and bottom lines for its first quarter. The company reported adjusted earnings per share of 77 cents on $7.24 billion of revenue, as sales grew in every major market except Latin America. Analysts surveyed by FactSet were expecting 69 cents in earnings per share and $7.01 billion in revenue.
Ralph Lauren — Shares of the luxury clothing brand rose 2.7% after research firm Cowen upgraded the stock to outperform from market perform. Cowen said in a note that Ralph Lauren should see strong demand as the economy reopens.
F5 Networks — The cybersecurity stock slid more than 9% after F5 Networks reported software growth below guidance for its fiscal second quarter. The company did beat projections for earnings per share and overall revenue, according to estimates compiled by FactSet.
—CNBC's Maggie Fitzgerald and Pippa Stevens contributed to this story.
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