Nvidia Stocks Surge Up to 7% Pre-Market; VF Corp Drops 15%, and More in Earnings
May 23 2024 - 7:42AM
IH Market News
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.
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