Semiconductor stocks fell in overnight trading. Nvidia fell 7%; Arm fell 3.7%; Broadcom fell 3.3%; AMD fell 3%; Micron, TSMC fell 2.7%; Qualcomm fell 1.4%.
NVIDIA Corp failed to live up to investor hopes with its latest results on Wednesday, delivering an underwhelming forecast and news of production snags with its much-awaited Blackwell chips.
The company’s quarterly report — the most anticipated part of the tech industry’s earnings season — met or beat analysts’ estimates on nearly every measure. But Nvidia investors have grown accustomed to blowout quarters, and the latest numbers didn’t qualify.
Third-quarter revenue will be about $32.5 billion, the company said. Though analysts had predicted $31.9 billion on average, estimates ranged as high as $37.9 billion.
Shares of SUPER MICRO COMPUTER INC fell 6% in overnight trading after the computer-products company and artificial-intelligence play said it will miss the deadline to file its annual report because it needs more time to check on its accounting.
The announcement comes a day after short seller Hindenburg Research published a report alleging accounting red flags and undisclosed related-party transactions.
Affirm Holdings, Inc. shares were soaring 16% in overnight trading as the “buy now, pay later” company’s results flew past Wall Street’s expectations and management weighed in on when they expect the business to become profitable.
For its fourth fiscal quarter ended in June 30, Affirm reported a loss of 14 cents per share, much narrower than the 48-cent loss Wall Street had forecast, according to FactSet. In the year-earlier quarter, it turned in a loss of 69 cents per share.
Cybersecurity firm CrowdStrike Holdings, Inc. fell 2.4% in overnight trading after company cut its revenue and profit forecasts on Wednesday in the aftermath of a July global outage due to its faulty software update, and said the environment would remain challenging for about a year.
Salesforce.com beat Wall Street expectations for second-quarter revenue and profit on Wednesday, benefiting from higher spending on its enterprise cloud products, sending its shares up around 5% in overnight trading.
Salesforce also said finance chief Amy Weaver will step down from the role. The company veteran, who was appointed CFO in 2021, will remain in the position until a successor is appointed.