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Nvidia Stocks Surge Up to 7% Pre-Market; VF Corp Drops 15%, and More in Earnings

Fernanda T
Latest News
May 23 2024 7:42AM

Nvidia (NASDAQ:NVDA) – The adjusted earnings per share were $6.12, exceeding the expected $5.59. Revenue reached $26.04 billion, a 262% year-over-year increase, surpassing the anticipated $24.65 billion. For the next quarter, the company forecasts $28 billion in sales. In the quarter ended April 28, data center revenue was $22.6 billion, a 427% year-over-year increase. Nvidia also announced a 10-for-1 stock split and increased its dividends by 150%. Additionally, Nvidia surprised investors with the unveiling of a new and potentially lucrative business segment: sovereign AI, aimed at empowering countries to develop artificial intelligence internally. Nvidia’s shares rose 6.8% in pre-market trading, on track to be valued as much as all listed German companies combined, signaling a potential valuation of $2.5 trillion.

VF Corp (NYSE:VFC) – VF Corp. shares fell 14.7% in pre-market trading after reporting a loss of 32 cents per share on revenue of $2.37 billion. Analysts surveyed by LSEG expected a profit of 1 cent per share and revenue of $2.41 billion.

Elf Beauty (NYSE:ELF) – In the fourth quarter, Elf Beauty reported adjusted earnings per share of 53 cents, surpassing the expected 32 cents, and revenue reached $321.1 million, exceeding the forecasted $292.6 million. However, Elf issued forecasts for the year that disappointed estimates, expecting net sales to be between $1.23 billion and $1.25 billion, while analysts surveyed by FactSet predicted $1.27 billion. Shares of the American cosmetics brand rose 2.7% in pre-market trading.

Synopsys (NASDAQ:SNPS) – Synopsys shares are stable in pre-market trading after reporting adjusted earnings of $3 per share on revenues of $1.46 billion. Analysts surveyed by LSEG expected earnings of $3.03 per share and revenue of $1.5 billion.

Snowflake (NYSE:SNOW) – Snowflake shares rose 3.7% in pre-market trading after reporting adjusted earnings of 14 cents per share on revenues of $829 million. Analysts surveyed by LSEG expected earnings of 4 cents per share and revenue of $786 million.

LiveRamp Holdings (NYSE:RAMP) – LiveRamp shares rose 14% in pre-market trading after announcing adjusted earnings per share of $0.25 in the fourth quarter, surpassing the analyst estimate of $0.19. Revenue for the quarter reached $172 million, exceeding the consensus estimate of $160.53 million, a 16% year-over-year increase. The company expects revenue for the year to be between $710 million and $730 million, against the consensus estimate of $704.8 million.