- Front Research
- Posts
- Nvidia Defies Expectations With Stellar Q1 Results, Promises Robust Q2 Sales
Nvidia Defies Expectations With Stellar Q1 Results, Promises Robust Q2 Sales
Get updated on the latest in the world of tech!
Kristoffer Lindström
May 23, 2024
TECH BRIEF
Graphics chip designer Nvidia (NASDAQ:NVDA) outperformed analysts' expectations in Q1 CY2024, with revenues soaring by 262% YoY to a whopping $26.04 billion. The company also projected a strong revenue outlook for the following quarter ($28 billion) which surpassed analysts' expectations. Gains were also recorded in their non-GAAP profit, experiencing an increase from $1.09 per share to $6.12. The strong financial results were driven by better-than-expected results in its data center and automotive segments. Nvidia's shares posted an increase of 4.6% after the announcement.
Snowflake (NYSE:SNOW), a data warehouse-as-a-service provider, reported Q1 CY2024 revenues of $828.7 million, surpassing analysts' estimates and marking a 32.9% year-on-year growth. However, its non-GAAP EPS of $0.14 failed to reach the expected $0.17. The company also posted a GAAP gross margin of 67.1% and a Free Cash Flow of $331.5 million. Despite a decline in its Net Revenue Retention Rate, Snowflake added more new customers than anticipated and projects a considerable Q2 Product Revenue Guidance of $807.5 million.
Amazon Web Services (AWS), is set to invest $17.02 billion in data centres in Spain's Aragon region, marking a significant expansion within the country. This supersedes a previous 2021 plan which had reserved 2.5 billion euros for Spain. The initiative is projected to facilitate approximately 17,500 jobs annually through local companies until 2033. Reflecting a green ethos, AWS plans to fully power the Spanish data centres with renewable energy.
The California Legislature has endorsed two bills set to transform how social media platforms conduct business. Assembly Bill 3172 could hold social media firms with over $100 million in annual gross revenue liable for not providing adequate care to minors. Senate Bill 976 aims to stop social media platforms from providing addictive feeds to children. A violation could result in a fine of up to $1 million or moving to court for harm caused.
Meta's Ray-Ban smart glasses can now directly post Instagram stories and stream Amazon Music, along with offering guided meditation from the Calm app. Users can verbally command the glasses to post photos to Instagram, play curated playlists, or change the volume without using a phone. The glasses will gradually receive these updates, enhancing the previously added Spotify, Apple Music, and advanced AI capabilities.
iRobot's premium robot vacuum subscription service, iRobot Select, is suspended amidst company restructuring. Current subscribers to the service maintain their benefits despite new subscriptions being discontinued. The move follows the appointment of Gary Cohen as CEO, known for reviving financially distressed companies, tasked with recovering iRobot's diminishing market share due to rising competition.
Amazon aims to revamp the decade-old Alexa with a more conversational AI version becoming a paid service, to compete better with AI chatbots, especially Google and OpenAI. With the future pricing yet to be decided, the subscription will not be included in Amazon's annual Prime service. The development is due to pressure arising from recent advancements in AI technology and change in internal company strategy.
Global digital payments startup Stripe is set to enter the Indian market through a partnership with SBI Payments Limited. The company plans to acquire a 30% to 40% stake in the India-based joint venture from the State Bank of India, pending regulatory approval from the Reserve Bank of India. Stripe recently unbundled its payment services, introducing new AI tools and Embedded Finance features.
Apple is contesting a $2 billion fine imposed by EU antitrust regulators at Europe's second-highest court. The penalty was issued for impeding Spotify and other streaming competitors through App Store restrictions. This marks Apple's first EU antitrust rules infringement penalty, and the litigation could extend for several years.
FOCUS TOPICS
Our Focus topics are for members who want to gain an extra advantage. Here, we create news briefing reports for AI, VC & Startups, Consumer Tech, Cloud & SaaS, eCommerce, Social platforms, and Fintech.
Unlock all Focus topics by becoming a PRO member for only $5/mo. We will also remove all in-content sponsor ads.
Try it for free for 14 days.
AI
Meta's AI chief, Yann LeCun, argues that current large language models (LLMs) will never achieve human-level intelligence due to…
Today's report features 5 AI news stories. Unlock by going PRO.
VC & STARTUPS
Valar Ventures, a venture capital firm co-founded by Peter Thiel, has raised a $300 million fund, marking a significant…
Today's report features 5 VC & Startup news stories. Unlock by going PRO.
CLOUD & SaaS
Microsoft and AI firm G42 are investing $1 billion into a cloud region in East Africa, the largest digital investment in…
Today's report features 4 Cloud & SaaS news stories. Unlock by going PRO.
Reply