Premarket Movers | Duolingo Soars 21%; Sunrun Jumps 20%; DoorDash Gains 9%; MP Materials up 6%; Fortinet Drops 19%; AppLovin down 2%

Duolingo, Inc. shares jumped 21% in premarket trading after the Language-learning app raised its annual revenue forecast and beat second-quarter revenue estimates on Wednesday, anticipating broader adoption of its AI-enhanced subscription tier among its global user base.

Sunrun, America’s largest provider of residential battery storage and solar systems, saw its shares surge 20% in premarket trading after reporting second-quarter earnings that exceeded analyst expectations, driven by record-high storage attachment rates and significant margin improvements.

Upwork Inc., the world’s largest human and AI-powered work marketplace, saw its shares surge 13% premarket after reporting second-quarter earnings that significantly exceeded analyst expectations, driven by strong AI-related growth and improved profitability.

DoorDash, Inc. shares jumped 9% in premarket after its forecast third-quarter gross merchandise value above Wall Street expectations after topping estimates on Wednesday, betting on robust demand for food and grocery deliveries through its platform.

DraftKings Inc. shares jumped 7% in premarket after the Fantasy sports and betting company announced better-than-expected revenue in Q2 CY2025, with sales up 36.9% year on year to $1.51 billion. The company expects the full year’s revenue to be around $6.3 billion, close to analysts’ estimates. Its non-GAAP profit of $0.38 per share was 6.3% below analysts’ consensus estimates.

MP Materials shares jumped 6% premarket. Apple has announced a $500 million multi-year agreement with MP Materials on Jully, a fully integrated US-based rare earth producer, to buy domestic rare earth magnets developed at MP Material’s flagship facility in Texas.

AppLovin shares fell 2% in premarket trading. Mobile app advertising platform missed Wall Street’s revenue expectations in Q2 CY2025, but sales rose 16.5% year on year to $1.26 billion. On the other hand, next quarter’s outlook exceeded expectations with revenue guided to $1.33 billion at the midpoint, or 1.3% above analysts’ estimates. Its GAAP profit of $2.39 per share was 20.4% above analysts’ consensus estimates.

Airbnb shares fell 7% in premarket trading after Airbnb on Wednesday forecast weaker growth for the rest of the year, with the company blaming the trend on tough comparisons with the year-ago period when strong bookings in Asia and Latin America had boosted earnings.

Symbotic, a maker of AI-enabled robotic technologies for automating warehouses and distribution centers, late Wednesday beat estimates for its fiscal third quarter. But it guided below views with its forecast. Symbotic stock plunged 16% in premarket trading.

The Wilmington, Mass.-based company reported $45 million in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the quarter ended June 28. Sales rose 26% year over year to $592 million. Symbotic had guided to adjusted EBITDA of $28 million on sales of $530 million, based on the midpoint of its outlook.

Fortinet forecast third-quarter revenue below Wall Street estimates on Wednesday, as businesses cut back on spending amid widespread macroeconomic uncertainty stemming from global trade tensions, sending shares down 19% in premarket trading.

U.S. President Donald Trump's ongoing global trade negotiations have led to an uncertain economic environment, prompting businesses to reassess significant investments, which has hurt demand for Fortinet's services.