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Nvidia, HP, Okta, Pure Storage Drop Post-Earnings; Salesforce, Nutanix, Affirm Surge

Fernanda T
Latest News
August 29 2024 6:09AM

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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