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In the list of companies making stock price movements, the first company in the list is Activision Blizzard that has experienced a huge loss in its share prices. According to reports, the share prices for Activision Blizzard have experienced an almost 10% drop in premarket trading. It has come as a huge shock for the entire Activision Blizzard management that despite sharing better-than-expected quarterly earnings, it has experienced a downfall. For the third quarter of 2021, Activision Blizzard has reported that its earnings were higher than the expectations set by the analysts.
For the third quarter of 2021, the analysts had set the earnings expectations to 70 cents per share. However, Activision Blizzard reported generating earnings worth 72 cents per share. These estimations were set by the analysts from Refinitiv. As for the revenue, the company reported that it generated revenue worth $1.88 billion, which is also at the same level as the estimations set by the analysts.
Caesars Entertainment is the next company on the list that has experienced a plunge in its share prices. According to reports, an almost 6% plunge has been observed by the casino and entertainment giant. The company experienced the plunge after sharing the EBITDA data with investors and analysts. Caesars Entertainment has reported that the EBITDA set by the analysts was worth $937 million. However, the company managed to generate EBITDA that is worth $882 million. This means that the company fell short of meeting its EBITDA target. These estimations for EBITDA were made by the analysts from StreetAccount.
The company revealed that the reason behind falling short of its EBITDA target was due to digital business losses it incurred in the recent quarter. In order to recover from its losses, Caesars Entertainment has announced that it is going to make more investments in the iGaming and digital sports betting industry.
Zillow has also experienced a plunge in its share prices in premarket trading. The company has reportedly experienced an over 8% plunge in premarket trading. The company experienced the plunge after making an announcement in regards to the closure of its major businesses. Just recently, Zillow went ahead and announced that it is going to close its flipping and home buying business. In addition to reducing its business, the real estate company has also announced that it is going to reduce its workforce. The company will reportedly be laying off 25% of its workforce.
For now, these companies are experiencing huge drops in their share prices. However, the companies are trying their best to recover from the losses and make themselves as profitable as they used to be in the past.
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