Advanced Micro Devices forecast second-quarter revenue above Wall Street expectations on Tuesday, helped by keen demand for its data-center chips as cloud-computing companies accelerate spending on artificial-intelligence infrastructure. Shares of the company jumped over 16% in overnight trading
Super Micro Computer on Tuesday forecast fourth-quarter revenue and adjusted profit above Wall Street estimates, banking on robust demand for its artificial intelligence servers, sending shares up over 18% in overnight trading.
Tempus AI shares fell 8% in overnight trading. The company reported a loss of 13 cents per share for the quarter, beating a Street consensus estimate of a loss of 19 cents per share. Tempus reported first-quarter revenue of $348.12 million, up 36.1% year-over-year. The revenue total beat a Street consensus estimate of $345.46 million.
Lumentum reported mixed fiscal third-quarter earnings results late Tuesday with sales surging, but slightly missing Wall Street’s lofty expectations. The optical networking giant continues to benefit from the appetite for its products brought on by the artificial intelligence data center boom. Shares sank nearly 8% in overnight trading.
Michael Saylor's Strategy reported a wider first-quarter loss on Tuesday, hammered by a slump in bitcoin prices that weighed on the value of its sizeable crypto holdings amid heightened market volatility. Shares of Strategy, the largest corporate holder of bitcoin, fell 3% in overnight trading.
Navitas Semiconductor reported quarterly losses of four cents per share, which beat the analyst consensus estimate for losses of five cents. Shares of Navitas fell about 6% in overnight trading.
Quarterly revenue came in at $8.6 million, which beat the analyst consensus estimate of $8.17 million by 5.2%. The company said “high-power markets” represented a majority of revenue, growing approximately 35% year-over-year.
Upstart's latest revenue topped expectations, but profit fell short. Shares of Upstart were diving over 14% in overnight trading.
While Upstart sees big opportunities around artificial intelligence, investors seem focused on near-term profit pressures, which management attributed to timing matters rather than structural changes to the business.
Shares of networking equipment maker Arista Networks were down 10% in overnight trading, despite beating first-quarter financial expectations and issuing positive guidance for the second quarter.
For the first quarter ended March 31, Arista reported revenue of $2.7 billion, up 35.1% from the previous year's first quarter. Adjusted earnings of 87 cents a share compared with 66 cents a share the previous year.
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