Nvidia’s sales for its latest quarter came in at $6.05 billion, beating Wall Street analyst expectations of $6.01 billion. The chipmaker’s first quarter revenue guidance of $6.5 billion, plus or minus 2%, also came in above Wall Street expectations.
Since the beginning of 2023 Nvidia’s stock has risen 41% amid an overall rise in semis and the explosive interest in artificial intelligence (AI). The chipmaker on Wednesday said it will now offer A.I. as a cloud service.
“A.I. is at an inflection point, setting up for broad adoption reaching into every industry,” said Jensen Huang, founder and CEO of Nvidia, in the company’s earnings release. “From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.”
Nvidia is seen as a leader in the A.I. space since its graphics cards are capable of handling large amounts of processing power necessary for A.I. platforms. The focus on the space is cheered by Wall Street as the company has faced a slowdown in the gaming market, one of its major businesses, following massive growth in the sector in 2021 amid the COVID-19 pandemic.
The dating-app company reported an adjusted loss per share of 85 cents, wider than the 3-cent loss per share expected by Wall Street. Bumble’s total paying users grew 15% year over year to 3.4 million, versus Wall Street expectations of 3 million.
Bumble’s results and relatively muted stock reaction in after hours contrast the company’s previous quarterly print. Last quarter shares fell amid launch delays and a slowdown in subscription renewals as customers’ disposable income shrank due to inflation.
“We are now nearly three times the size we were pre-pandemic, and we’ve been careful about how we have grown our cost basis to catch up with the size of the business — visible in our sustained profitable growth and strong free cash flow,” Etsy’s CFO Rachel Glaser said in the company’s earnings release.
Etsy’s stock recently came under pressure after a report from short-seller Andrew Left at Citron, raised questions about the company’s operations and claims of counterfeit goods on the platform. Left blasted Etsy in an exclusive Yahoo Finance Live interview. However Wall Street remains bullish on the stock, with 16 Buy ratings, 11 Holds, and 1 Sell.
“Etsy’s very proactive. They have a lot of automated algorithms to try and find counterfeit items. They even put out a report every year. We don’t see that as a huge threat to Etsy at all,” analyst Nick Jones of JMP Securities recently told Yahoo Finance.
The analyst sees the company as “one of the stronger performers in e-commerce.”
Lucid’s fourth quarter revenue of $257.7 million missed Wall Street expectations of $314.9 million. The high- end luxury EV maker produced 3,493 vehicles and delivered 1,932 cars last quarter, coming in below expectations.
The EV maker has faced challenges with production growth, including supply constraints. Lucid’s production announcement for this year came as a disappointment for Wall Street.
“I’m really concerned about the production number for 2023 which is between 10,000 and 14,000 [vehicles],” senior analyst Jaime Perez of RF Lafferty told Yahoo Finance Live on Wednesday. “We expected a little bit more.”
Lucid shares have been volatile this year amid a high level of short interest. In late January the stock spiked following speculation of a buyout. Short sellers were forced to cover their positions, contributing to the stock’s rise of more than 40% in one afternoon.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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Source: finance.yahoo.com