NVIDIA reports strong earnings and guidance
NVIDIA, a leading technology company, reported a gain of nearly 20% in extended trading after releasing a strong earnings report. The company’s revenue came in at $7.2 billion, with an adjusted EPS of $1.09, both exceeding Wall Street’s expectations. NVIDIA’s 2Q revenue guidance of $11 billion also surpassed estimates, indicating that the company expects to continue benefiting from the AI boom. Despite a challenging 2020, NVIDIA’s stock has gained over 100% since the start of the year.
Snowflake misses expectations, shares drop
Cloud-based data warehousing company Snowflake saw its shares drop by 12.5% after missing the Street’s expectations. The company’s product sales outlook fell short, suggesting that some companies are cutting back on their cloud spending. This is a significant headwind for Snowflake, as product sales make up a majority of its revenue. While the stock had a relatively strong month following cloud results from Microsoft and Alphabet, it has given back about half of those gains in extended trading.
E.L.F Beauty beats expectations, sees strong growth
E.L.F Beauty, a cosmetics company, reported a gain of nearly 11% in extended trading after beating expectations. The company’s net sales and adjusted EPS both exceeded estimates, and its full-year sales guidance surpassed expectations. This marks the 17th consecutive quarter of net sales growth for E.L.F Beauty. The CEO stated that the company is still in its early innings of unlocking potential, and the stock has gained over 300% in the last year.
American Eagle Outfitters disappoints, sees sales decline
Retailer American Eagle Outfitters saw its shares drop by about 15% after disappointing the Street. The company’s forecast for sales to decline in the second quarter was a significant driver of the after-hours action. Ongoing macro challenges are weighing on the company, and its full-year operating income is now expected to be below expectations. While the shares are essentially flat over the year, they have dropped by about 13% year-to-date.
Keywords: NVIDIA, earnings, guidance, Snowflake, cloud spending, E.L.F Beauty, cosmetics, American Eagle Outfitters, sales decline.
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