Stock futures are trading higher on Thursday, with the Nasdaq Composite leading the way, surging over 1% following the release of better-than-expected second-quarter earnings from Nvidia.

Nvidia Smashes Estimates

Nvidia (NVDA) witnessed a significant boost in premarket trading, rising 8.2%, after reporting second-quarter revenue of $13.5 billion. This impressive figure shattered estimates of $11.2 billion. Moreover, data-center revenue experienced a staggering surge of 141% to reach $10.32 billion. Adjusted earnings of $2.70 per share also easily surpassed expectations of $2.08. Nvidia's CEO, Jensen Huang, attributed these robust results to a dramatic shift towards the adoption of artificial intelligence.

Snowflake Exceeds Forecasts

Snowflake (SNOW) delivered solid results in the second quarter, earning 25 cents per share on an adjusted basis, surpassing forecasts of 10 cents. The company's revenue grew by 36%, reaching $674 million, which also exceeded estimates. Product revenue for the period stood at $640.2 million. In terms of projections, Snowflake anticipates product revenue of $670 million to $675 million for the fiscal third quarter, while maintaining its forecast for the fiscal year at $2.6 billion. Following these positive results, Snowflake shares rose 4.3%.

Splunk Beats Expectations

Splunk (SPLK) posted impressive second-quarter results, reporting adjusted earnings of 71 cents per share, surpassing analysts' estimates. The company's revenue for the period increased by 14% to $910.6 million. Notably, cloud revenue experienced a significant jump of 29%, amounting to $445 million. Splunk projects third-quarter revenue between $1.02 billion and $1.035 billion, exceeding analysts' estimates of $982 million. As a result, shares of the software company rose by 12%.

Autodesk Surpasses Forecasts, Stock Soars 6.6%

Autodesk (ADSK) has announced better-than-expected second-quarter profits and revenue, resulting in a 6.6% increase in the company's stock. This year, Autodesk has already seen a 9% rise.

Boeing Faces Quality Issue, Expects Lower 737 MAX Deliveries

Boeing (BA) experienced a premarket decline of 2.4% after supplier Spirit AeroSystems revealed a quality issue with some models of the 737 fuselage. While Boeing has assured that there is no immediate safety concern, this issue will impact a significant number of undelivered 737 MAX airplanes. As a result, Boeing anticipates lower near-term deliveries until the required work is completed.

AMC Entertainment Initiates Reverse Stock Split

AMC Entertainment (AMC) plans to implement a 10-for-1 reverse stock split on Thursday, leading to a premarket decline of 1.5%.

Nike Recovers Slightly, Ending 10-session Losing Streak

After facing a 2.7% decrease on Wednesday, Nike (NKE) shows signs of recovery with a 0.4% increase in premarket trading. The athletic apparel giant had been struggling with a 10-session losing streak.

Guess Exceeds Expectations, Expects Third-Quarter Revenue Growth

Guess (GES) experiences a significant jump of 19% following the announcement of better-than-expected second-quarter adjusted earnings. Revenue also saw an increase of 3%, reaching $664.5 million, surpassing forecasts. The company is optimistic about its third-quarter revenue, expecting growth between 2.5% and 4.5%.

Earnings Reports Expected from Various Companies

Several companies are set to release their earnings reports on Thursday. These include Intuit (INTU), Workday (WDAY), Marvell Technology (MRVL), Dollar Tree (DLTR), Ulta Beauty (ULTA), Affirm (AFRM), Gap (GPS), and Nordstrom (JWN).

CTS Eventim Reports Strong Growth and Raises Sales Outlook for 2023

The Rise of SharkNinja: Quarterly Earnings Report

Leave A Reply

Your email address will not be published. Required fields are marked *