U.S. Movers: Lucid Group, Moderna, Nvidia, Rivian Automotive

Scott Peters
22 Feb, 2024
New York City

Nvidia Corp. jumped 13.1% to $762.86 after the advanced semiconductor chipmaker reported a 265% jump in revenue in its latest quarter. 

Revenue in the fourth quarter increased to $22.1 billion from $6.2 billion, net income soared 769% to $12.3 billion from $1.4 billion, and diluted earnings per share jumped to $4.93 from 57 cents a year ago. 

For the fiscal year, revenue jumped 126% to $60.9 billion, net income soared 581% to $29.7 billion from $4.93 billion, and diluted earnings per share advanced to $11.93 from $1.74 a year ago. 

The closely watched Data Center business' sales soared fivefold to $18.4 billion from $3.6 billion. The business segment includes the company's popular H100 graphics card, used for powering generative artificial intelligence apps. 

Lucid Group declined 8.1% to $3.40 after the electric vehicle maker reported weaker-than-expected revenue in its latest quarter as losses widened. 

Revenue in the fourth quarter declined to $157.1 million from $257.7 million; net loss increased to $653.7 million from $472.6 million; and diluted loss per share expanded to 29 cents from 28 cents a year ago. 

The company produced 2,391 vehicles in the fourth quarter and 8,428 vehicles in 2023, meeting the higher end of 2023 annual production guidance of 8,000 to 8,500 vehicles. 

The company delivered 1,734 vehicles in the fourth quarter and 6,001 vehicles in 2023, up 37% compared to full-year 2022. 

Rivian Automotive dropped 17.2% to $12.74 after the company reported weaker-than-expected quarterly results and lowered its 2024 electric vehicle production estimate to 57,000, compared to 57,232 in 2023. 

Revenue in the fourth quarter increased to $1.32 billion from $0.66 billion, net loss declined to $1.52 billion from $1.72 billion, and diluted loss per share shrank to $1.58 from $1.87 a year ago. 

Moderna increased 4.4% to $91.50 after the vaccine maker reported larger-than-expected revenue in the fourth quarter and an unexpected profit.