Nvidia, HP, Okta, Pure Storage Drop Post-Earnings; Salesforce, Nutanix, Affirm Surge
29 Agosto 2024 - 7:09AM
IH Market News
Nvidia (NASDAQ:NVDA) – The leader in GPUs and
artificial intelligence reported adjusted earnings per share of 68
cents, beating LSEG’s forecast of 64 cents. Revenue reached $30.04
billion, above the expected $28.7 billion. The company projects
revenue of approximately $32.5 billion in the current quarter,
exceeding StreetAccount’s estimate of $31.77 billion. Nvidia CEO
Jensen Huang assured that production of the new Blackwell chips
would be abundant following the manufacturing ramp-up. He stated
that samples are already in circulation and large-scale production
has begun. Huang also said that despite manufacturing challenges,
Nvidia expects significant revenue from Blackwell in the next
quarter. Additionally, countries developing AI models in their
languages are increasing demand for Nvidia’s chips as generative AI
gains prominence. Nvidia expects these sales to contribute billions
to its revenue by January 2025, with governments seeking AI
infrastructure for national security and cultural and scientific
personalization. The stock fell 4.6% in pre-market trading after
closing down 2.1% on Wednesday.
Okta (NASDAQ:OKTA) – The identity and digital
security management company reported adjusted earnings of 72 cents
per share in Q2 2025, beating the forecast of 61 cents, with
revenue of $646 million, above the expected $632.65 million. The
company also revised its annual forecast, now expecting revenue
between $2.555 billion and $2.565 billion and earnings per share
between $2.58 and $2.63, exceeding previous expectations. The stock
fell 8.1% in pre-market trading after closing down 0.5% on
Wednesday.
HP Inc. (NYSE:HPQ) – HP Inc. reported revenue
of $13.52 billion in the fiscal third quarter, exceeding
expectations and marking a 2.4% year-over-year increase. However,
earnings per share were $0.83, below the expected $0.86. The
company revised its annual earnings forecast downward, now between
$3.35 and $3.45 per share, citing difficulties in the printing
market. The stock fell 2.1% in pre-market trading after closing
down 2.4% on Wednesday.
Pure Storage (NYSE:PSTG) – The flash data
storage company reported adjusted earnings of 44 cents per share in
the second quarter, above LSEG’s forecast of 37 cents. Revenue was
$763.8 million, exceeding the expected $755 million. Despite
beating sales and earnings expectations, Pure Storage reduced its
revenue forecast for subscriptions from $600 million to $500
million. However, it maintained its total revenue forecast of $3.1
billion for the fiscal year. The company projects sales of $815
million for the current quarter, above analysts’ estimates of $811
million. The stock fell 15.9% in pre-market trading after closing
down 2.2% on Wednesday.
Salesforce (NYSE:CRM) – Salesforce exceeded
expectations in the second quarter with adjusted earnings of $2.56
per share and revenue of $9.33 billion, an 8% year-over-year
increase. The annual earnings forecast was raised to $10.03 to
$10.11 per share. For the third quarter, revenue is expected to be
between $9.31 billion and $9.36 billion, with earnings per share
between $2.42 and $2.44. The stock rose 4.9% in pre-market trading
after closing down 2% on Wednesday.
CrowdStrike (NASDAQ:CRWD) – The cybersecurity
and threat protection company exceeded expectations in the second
quarter with adjusted earnings of $1.04 per share and revenue of
$963.9 million, a 32% year-over-year increase. However, shares fell
due to the revision of projections for the fiscal year 2025,
impacted by a global failure, with expected earnings between $3.61
and $3.65 per share, down from the previous forecast of up to $4.03
per share. The stock fell 2.2% in pre-market trading after closing
down 2.1% on Wednesday.
Nutanix (NASDAQ:NTNX) – The hyper-converged
infrastructure solutions company reported adjusted earnings of 27
cents per share and revenue of $548 million, above forecasts of 20
cents per share and $537 million, respectively. The stock rose
16.7% in pre-market trading after closing down 1.7% on
Wednesday.
Affirm (NASDAQ:AFRM) – The flexible digital
payments and financing company exceeded expectations in the fourth
quarter, reporting an adjusted loss of 14 cents per share, much
better than the expected 51 cents, and revenue of $659 million,
beating the estimate of $604 million. GMV grew 31%, reaching $7.2
billion. The company forecasts revenue between $640 million and
$670 million in the next quarter, above the expected $625 million.
The stock rose 18.4% in pre-market trading after closing down 2.9%
on Wednesday.
NetApp (NASDAQ:NTAP) – The data storage and
hybrid cloud company reported net revenue of $1.54 billion in the
first quarter, an 8% increase over the previous year, with $1.38
billion coming from the Hybrid Cloud segment. GAAP net income was
$248 million ($1.17 per share), beating the $149 million of the
previous year. The company projects revenue between $1.565 billion
and $1.715 billion and GAAP earnings per share of $1.27 to $1.37 in
the next quarter. The stock remains stable in pre-market trading
after closing down 0.9% on Wednesday.
Veeva Systems (NYSE:VEEV) – The health industry
software solutions company reported adjusted earnings of $1.62 per
share in the second quarter, above FactSet’s estimate of $1.53.
Revenue reached $676.2 million, exceeding the forecast of $667.8
million.
Five Below (NASDAQ:FIVE) – The discount store
chain reported second-quarter revenue that increased 9.4% to $830.1
million, with adjusted earnings of 54 cents per share, in line with
forecasts. Five Below revised its sales expectations for the year
downward, now expecting revenue between $3.73 billion and $3.8
billion and a decline of 4% to 5.5% in same-store sales, in
addition to delaying new store openings due to weakening consumer
enthusiasm. The stock rose 7.1% in pre-market trading after closing
down 4.3% on Wednesday.
Victoria’s Secret (NYSE:VSCO) – The lingerie
and beauty products retailer reported net income of $32 million (40
cents per share) in the second quarter, reversing a loss from the
previous year. Adjusted earnings of 40 cents per share beat the
forecast of 37 cents. Net sales were $1.417 billion, in line with
expectations, and the company raised its annual sales forecast, now
expecting a decline of only 1%.
Ulta Beauty (NASDAQ:ULTA) – The beauty and
cosmetics retailer is scheduled to release results after the market
close today. In the fiscal first quarter, Ulta Beauty lowered its
annual earnings and sales forecasts, with expected earnings of
$5.47 per share and revenue of $2.6 billion for the quarter ending
in July. The stock has fallen 25% in 2024, trading at 14 times
future earnings, below the historical average of 21.3 times, though
Berkshire Hathaway’s investment brings some optimism.
Lululemon Athletica (NASDAQ:LULU) – Investors
expect mixed results from Lululemon. While the company may beat
analysts’ expectations of $2.93 per share in earnings and $2.4
billion in revenue, there are concerns that it may lower its annual
forecasts for the first time in years. Earnings estimates have
already been adjusted down 5.5% in the last six months. The stock
fell 0.5% in pre-market trading after closing down 4.6% on
Wednesday.
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