{"id":640658,"date":"2024-08-29T00:00:00","date_gmt":"2024-08-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/29\/nvidia-shares-slide-despite-highly-anticipated-2q-earnings-beating-forecasts\/"},"modified":"2024-08-29T00:00:00","modified_gmt":"2024-08-29T00:00:00","slug":"nvidia-shares-slide-despite-highly-anticipated-2q-earnings-beating-forecasts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/29\/nvidia-shares-slide-despite-highly-anticipated-2q-earnings-beating-forecasts\/","title":{"rendered":"Nvidia shares slide despite highly anticipated 2Q earnings beating forecasts"},"content":{"rendered":"

There\u2019s one story dominating the pages of the world\u2019s business press<\/strong> today: <\/strong>Giant US chipmaker Nvidia reported 2Q earnings<\/a> after the bell yesterday that beat bottom and top line expectations. However, investors \u2014 who have kept their eyes peeled for the AI juggernaut\u2019s results for signs of how the AI boom is faring \u2014 are skeptical about the road ahead for the company and have driven down its share price in after-hours trading.<\/p>\n

By the numbers:<\/strong> The company\u2019s net income grew 168.2% y-o-y to USD 16.6 bn, delivering an earnings per share of USD 0.68 cents, compared to LSEG consensus expectations of USD 0.64<\/a>. Revenues also came in a good notch above expectations, rising 122.4% y-o-y to USD 30.0 bn, exceeding analyst expectations of USD 28.7 bn<\/a>.<\/p>\n

This wasn\u2019t enough to buoy stocks at the world\u2019s second biggest company:<\/strong> Nvidia shares had fallen about 8% in extended trading at the time of writing, after its 3Q forecasts failed to impress investors \u2014 representing a roughly USD 200 bn drop in market value.<\/p>\n

Nvidia has become a victim of its own success: <\/strong>Despite beating analysts expectations in 2Q and AI chip demand appearing to be much healthier than some had feared, the success of the company has led to some investors to price in incredibly high expectations for the company going forwards. The company expects to see USD 32.5 bn in revenues for the third quarter \u2014 plus or minus 2% \u2014 but this roughly 80% y-o-y increase that is a notch above analyst expectations isn\u2019t enough for some investors. <\/p>\n

But it\u2019s going to take a lot to knock one of Wall Street\u2019s most hotly watched stocks off<\/strong> course: <\/strong>Even if Nvidia does take a hit on the stock market in the coming days, the company\u2019s share value is already up around 160% since the start of the year. Nvidia stocks alone have contributed more than a quarter of the S&P 500\u2019s gains so far this year, helping to propel the company to be the world\u2019s second biggest company, behind only Apple.<\/p>\n

MARKETS THIS MORNING-<\/p>\n

Asian markets are down in the red in early trading this morning<\/strong>, as investors assess how Nvidia\u2019s share slump following its earnings release will affect the region as an important global hub for engineering chip parts. Tech and electronics companies are pushing down indexes across the region, with Korea\u2019s Kopsi down 0.7%, Japan\u2019s Nikkei down 0.4%, and China\u2019s Hang Seng down 0.3%.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

30,710<\/p>\n<\/td>\n

\n

+1.1% (YTD: +23.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.59<\/p>\n<\/td>\n

\n

Sell 48.72<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.60<\/p>\n<\/td>\n

\n

Sell 48.70<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,117<\/p>\n<\/td>\n

\n

-0.5% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,289<\/p>\n<\/td>\n

\n

-0.5% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,324<\/p>\n<\/td>\n

\n

-0.4% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,592<\/p>\n<\/td>\n

\n

-0.6% (YTD: +17.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,344<\/p>\n<\/td>\n

\n

0.0% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,913<\/p>\n<\/td>\n

\n

+0.3% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 78.65<\/p>\n<\/td>\n

\n

-1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 1.93<\/p>\n<\/td>\n

\n

+1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,537.80<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 59,361.90<\/p>\n<\/td>\n

\n

-4.0% (YTD: +39.8%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.1% at yesterday\u2019s close<\/strong> on turnover of EGP 4.6 bn (16.9% above the 90-day average). Local investors were net sellers. The index is up 23.4% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+11.5%), Eastern Company (+7.2%), and Palm Hills Developments (+6.4%).<\/p>\n

In the red: <\/strong>Juhayna (-3.4%), Fawry (-2.1%), and Heliopolis Housing (-1.8%).<\/p>\n

\n

CORPORATE ACTIONS- <\/p>\n

Ezz Steel halts GDR trading on LSE:<\/strong> Ezz Steel has requested a three-week suspension of trading on its GDRs on the London Stock Exchange until it completes its audit for its 2023 financial statements, according to a disclosure<\/a> from the company. <\/p>\n","protected":false},"excerpt":{"rendered":"

Nvidia shares had fallen about 8% in extended trading at the time of writing, representing a roughly USD 200 bn drop in market value<\/p>\n","protected":false},"author":1,"featured_media":640659,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7094,102,72,119,7131,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-ai","tag-capital-markets","tag-enterpriseam","tag-financial-markets","tag-nvidia","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e26c130e-4c6f-4fcb-b30d-77c1af2b8619","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2571.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Nvidia shares slide despite highly anticipated 2Q earnings beating forecasts","related_issue":[640642],"teaser":"Nvidia shares had fallen about 8% in extended trading at the time of writing, representing a roughly USD 200 bn drop in market value","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.e03f1831-e8c7-4408-ad20-411b3f1059dd.mp3"},"yoast_head":"\nNvidia shares slide despite highly anticipated 2Q earnings beating forecasts - 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