Expectations smashed, again
NVIDIA (NASDAQ:NVDA)) stock advanced another 7.5% in Thursday morning’s early deals after the chipmaker smashed Wall Street’s high expectations, with key revenue lines coming in billions of dollars better than forecast.
Soaring demand for AI-powering processors saw group revenue hit $13.51 billion, ahead of forecasts that were only upgraded a matter of months ago. Wall Street had pencilled expectations of some $11.22 billion of revenue ahead of the results, and that was at the top end of Nvidia’s own guidance.
Such is the rapid growth that Nvidia again upgraded its outlook, setting guidance for the current quarter to $16 billion, up from $12.6 billion.
No, AMC is not 'really' up 800%
Do not adjust your set.
Today, AMC Entertainment's stock undergoes its 'reverse split' before the 'APE' line of stock is merged in.
It means that holders of the AMC stock line will now hold one share for every ten shares they previously held.
Boeing falls on latest 737 MAX delay
Boeing (NYSE:BA) has announced yet another issue with its narrow-body 737 MAX jets, following repeated delays hitting deliveries in recent years.
An issue relating to issues from parts supplied by Spirit AeroSystems could affect near-term deliveries, the company admitted on Wednesday, with the extent of the problem yet to fully emerge.
Airfryer mania continues
SharkNinja Inc (NASDAQ:SN) saw its stock rise 7.8% in Thursday’s premarket, to $34.49, as the vacuum and airfryer maker, popularized via TikTok and Instagram recipes, released its first quarterly results as a public company – showing a 22% increase in sales.
Sales for SharkNinja’s second quarter came in at $950.3 million, up from $778.2 million in the preceding quarter.
Designer brand outperforms
Guess Inc (NYSE:GES) stock surged as much as 18% higher in early deals after the designer fashion brand’s quarterly earnings report shone – at $665 million revenue breezed past analyst forecasts for $638.7 million, helping drive earnings to almost double the figure that Wall Street pencilled in.
The iconic jeans brand marked earnings per share at 72 cents, versus consensus expectations pitched at 39 cents. It represented a 74% improvement year-over-year.
In New York, Guess was up $2.59 or 14% changing hands at US$20.90 in premarket trade.
Cloud-data impresses
Splunk Inc (NASDAQ:SPLK), a cloud-data software firm, saw its shares rise nearly 13% after last night's second-quarter financial results impressed.
It posted adjusted earnings of $0.71 per share on revenue of $910.6 million, versus expectations of $0.46 per share on revenue of $889 million.
In New York, Splunk stock was up US$12.72 or 12.73% trading at US$112.65 in early deals.
Snowflake dazzles
Snowflake shares were up in Thursday’s early deals after the data company surpassed analyst forecasts with its second-quarter results.
It posted revenue of $674 million, up 36% year-over-year, and earnings of $0.25 per share, beating analyst projections of $662 million and $0.10 respectively.
In early premarket deals the stock was up nearly 4%, up $6.04 trading at $161.74.
America spends less on pets
Petco Health and Wellness (NYSE:WOOF) saw its stock slide more than 12% as American consumers spend less money on their pets.
The retailer, in its quarterly results, revealed a 9.4% decline in its supplies and companion animal segment, whilst reporting at group level a US$14.6 million loss for the three-month period.
Discount retailer widens guidance
Dollar Tree Inc (NASDAQ:DLTR) highlighted what it described as "robust" quarterly results with same-store sales up 7.8% across flagship Dollar Tree branded stores, whilst its Family Dollar stores improved by 5.8%.
The stock immediately slumped in premarket deals, however, as investors reacted to new full-year guidance anticipating earnings in a wide range between $5.78 to $6.08 per share, versus analyst projects previously set at $6.03.
Burlington warns of consumer squeeze
Burlington Stores Inc. (NYSE:BURL) reported revenue and earnings slightly ahead of market expectations, though the ‘off-price’ clothes retailer’s quarter evidently didn’t wow investors.
Comparable store sales were up 4%, at the top end of guidance, though chief executive Michael O’Sullivan cautioned over the pressure on the discount retailer’s core consumer base as Burlington looked to the rest of 2023.
Weibo outperforms estimates
Weibo Corporation (NASDAQ:WB) has posted second-quarter financials that beat estimates on earnings but missed the mark on revenue.
Ahead of the US market open, Weibo’s shares were up nearly 1% at $13.40.
Autodesk beat expectations
Autodesk Inc (NASDAQ:ADSK) stock was up 6.5% in early deals boosted by results after Wednesday’s close that edged above analyst forecasts.
It reported second-quarter revenue increased 9% year over year, to $1.35 billion which was better than the $1.32 billion anticipated by the market. At $1.91, earnings per share (EPS) for the period beat expectations by $0.18.
In New York, Autodesk was up US$13.45 or 6.5% changing hands at US$217.81.