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Online Commerce and Gaming Companies Expected to Open Lower

July 29, 2023
in Trade Tube
Reading Time: 1 min read
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Groupon beat Street estimates for its 4th quarter but shares of the online commerce company are under pressure because its forecast for Q1 fell short of expectations. Groupon also says several parties have expressed interest in acquiring its South Korean subsidiary Ticket Monster. Groupon bought Ticket Monster from LivingSocial about a year ago for $260 million. A pullback expected for Zynga shares after the online games company missed Street estimates for revenue and monthly active users. Zynga also issued a disappointing outlook for this quarter as, so far, it’s been unable to come up with new games that are as popular as “FarmVille”. Zynga is closing its studio in China and laying off 71 workers. Shares of Kraft Foods expected to open lower. The maker of Velveeta cheese and Oscar Mayer meats reported a quarterly loss due to a charge related to its pension plan. Kraft also has faced sluggish demand for its packaged foods in the US. And a management shakeup – Kraft says its chief financial officer and two other senior executives would leave the company.

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