It was a busy day in tech earnings; let’s see what happened.
Just two weeks after lowering the expectations bar, Nvidia met its lowered revenue expectations but missed on earnings. The primary reasons for the miss were lower sales of its gaming products and a weaker overall macro environment. đ
Overall, investors remain unimpressed with the company’s ability to navigate the challenging environment.
I guess we should give some props to Nancy Pelosi and Cathie Wood for paring back their positions and saving themselves from another 5% decline. đ¤ˇââī¸
Salesforce shares also sold off about 7% after the company provided weaker than expected third quarter and full-year earnings and revenue guidance.
Like other major technology players, it stated that macroeconomic factors are putting pressure on IT spending and that a strong U.S. Dollar continues to impact its earnings and revenue numbers negatively. đģ
On a more positive note, Snowflake shares rose about 20% after the cloud data provider reported better-than-expected earnings and revenues.
The company also provided upbeat guidance for the third quarter and full year, which, so far, investors appear to be happy with. đ