Market Updates
U.S. Movers: Gap Inc, Intuit, Nvidia, Snowflake
Scott Peters
21 Nov, 2024
New York City
Nvidia declined 0.9% to $144.62 after the advanced chip maker reported strong quarterly results but fell short of the highest revenue expectations.
Revenue in the fiscal third quarter increased 94% to $35.1 billion from $18.1 billion, net income soared 109% to $19.3 billion from $9.2 billion, and diluted earnings per share jumped 111% to 78 cents from 37 cents a year earlier.
Nvidia forecast fiscal fourth quarter revenue of $37.5 billion, with a band of 2%, and GAAP gross margin of 73% and non-GAAP gross margin of 73.5%.
Data center revenue increased to $30.8 billion, a jump of 17% from the previous quarter and a rise of 112% from a year ago.
Snowflake soared 23.2% to $159.30 after the data analytics company beat earnings expectations for the third quarter.
Revenue in the quarter increased 28% to $942.1 million from $734.1 million, net loss attributable to shareholders expanded to $324.2 million from $214.2 million, and diluted net loss per share expanded to 98 cents from 65 cents a year ago.
The company guided product revenue in the fiscal fourth quarter to increase 23% to between $906 million and $911 million, and for the full year to increase 29% to $3.4 billion.
Investors are awaiting the release of quarterly results from Intuit and Gap Inc. after the market closes.
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