Nvidia Earnings

Market Overview
Read time 1.9 minutes

Year To Date Performances:

1. Nvidia's shares dipped slightly after-hours as the chipmaker reported third-quarter results that exceeded Wall Street expectations, yet forecasted a negative impact in the upcoming quarter due to export restrictions affecting sales in China and other regions. Despite these challenges, Nvidia's finance chief, Colette Kress, expressed confidence in strong growth in other areas offsetting this decline. Key financial highlights include adjusted earnings of $4.02 per share versus the expected $3.37 per share, and a significant revenue growth of 206% year over year, reaching $18.12 billion against the anticipated $16.18 billion. Notably, the data center revenue surged by 279%, driven by high demand from cloud infrastructure providers and consumer internet entities. While facing obstacles like GPU competition and export limitations, Nvidia's stock has impressively grown by 241% this year, far outpacing the S&P 500 index.

2. Best Buy has adjusted its financial outlook downwards, bracing for reduced consumer spending in the upcoming holiday season. Despite beating earnings expectations, the electronics giant fell short in revenue, leading to a revised fiscal year revenue projection of $43.1 billion to $43.7 billion, down from the initially estimated $43.8 billion to $44.5 billion. The company also expects a steeper drop in comparable sales, now forecasting a 6% to 7.5% decline, surpassing its previous estimate of a 4.5% to 6% decrease. Additionally, Best Buy has slightly lowered its adjusted earnings per share forecast, now expecting it to range between $6 and $6.30, compared to the earlier range of $6 to $6.40.

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4. Headlines

   1. X is suing Media Matters for defamation.

   2. 700 of the 780 employees at OpenAI have signed a letter demanding that the OpenAI board be restructured. They threaten to leave OpenAI and join Sam Altman at Microsoft if their demands aren’t met.

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