News

NVIDIA Corporation – NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024

Published

8 months ago

19 May, 2024

Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago
Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago
Record full-year revenue of $60.9 billion, up 126%

SANTA CLARA, Calif., Feb. 21, 2024 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.

For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.

For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share was $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share was $12.96, up 288% from a year ago.

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.

“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level.

“NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.

Q4 Fiscal 2024 Summary

GAAP
($ in millions, except earnings per share)		Q4 FY24		Q3 FY24		Q4 FY23	Q/Q	Y/Y
Revenue	$22,103		$18,120		$6,051		Up 22%	Up 265%
Gross margin		76.0%		74.0%		63.3%	Up 2.0 pts	Up 12.7 pts
Operating expenses	$3,176		$2,983		$2,576		Up 6%	Up 23%
Operating income	$13,615		$10,417		$1,257		Up 31%	Up 983%
Net income	$12,285		$9,243		$1,414		Up 33%	Up 769%
Diluted earnings per share	$4.93		$3.71		$0.57		Up 33%	Up 765%

Non-GAAP
($ in millions, except earnings per share)		Q4 FY24		Q3 FY24		Q4 FY23	Q/Q	Y/Y
Revenue	$22,103		$18,120		$6,051		Up 22%	Up 265%
Gross margin		76.7%		75.0%		66.1%	Up 1.7 pts	Up 10.6 pts
Operating expenses	$2,210		$2,026		$1,775		Up 9%	Up 25%
Operating income	$14,749		$11,557		$2,224		Up 28%	Up 563%
Net income	$12,839		$10,020		$2,174		Up 28%	Up 491%
Diluted earnings per share	$5.16		$4.02		$0.88		Up 28%	Up 486%

Fiscal 2024 Summary

GAAP
($ in millions, except earnings per share)		FY24		FY23	Y/Y
Revenue	$60,922		$26,974		Up 126%
Gross margin		72.7%		56.9%	Up 15.8 pts
Operating expenses	$11,329		$11,132		Up 2%
Operating income	$32,972		$4,224		Up 681%
Net income	$29,760		$4,368		Up 581%
Diluted earnings per share	$11.93		$1.74		Up 586%

Non-GAAP
($ in millions, except earnings per share)		FY24		FY23	Y/Y
Revenue	$60,922		$26,974		Up 126%
Gross margin		73.8%		59.2%	Up 14.6 pts
Operating expenses	$7,825		$6,925		Up 13%
Operating income	$37,134		$9,040		Up 311%
Net income	$32,312		$8,366		Up 286%
Diluted earnings per share	$12.96		$3.34		Up 288%

Outlook
NVIDIA’s outlook for the first quarter of fiscal 2025 is as follows:

Revenue is expected to be $24.0 billion, plus or minus 2%.
GAAP and non-GAAP gross margins are expected to be 76.3% and 77.0%, respectively, plus or minus 50 basis points.
GAAP and non-GAAP operating expenses are expected to be approximately $3.5 billion and $2.5 billion, respectively.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $250 million, excluding gains and losses from non-affiliated investments.
GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

Highlights

NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

Gaming

Fourth-quarter revenue was $2.9 billion, flat from the previous quarter and up 56% from a year ago. Full-year revenue rose 15% to $10.4 billion.
Launched GeForce RTX™ 40 SUPER Series GPUs, starting at $599, which support the latest NVIDIA RTX™ technologies, including DLSS 3.5 Ray Reconstruction and NVIDIA Reflex.
Announced generative AI capabilities for its installed base of over 100 million RTX AI PCs, including Tensor-RT™ LLM to accelerate inference on large language models, and Chat with RTX, a tech demo that lets users personalize a chatbot with their own content.
Introduced microservices for the NVIDIA Avatar Cloud Engine, allowing game and application developers to integrate state-of-the-art generative AI models into non-playable characters.
Reached the milestone of 500 AI-powered RTX games and applications utilizing NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies.

Professional Visualization

Fourth-quarter revenue was $463 million, up 11% from the previous quarter and up 105% from a year ago. Full-year revenue rose 1% to $1.6 billion.
Announced adoption of NVIDIA Omniverse™ by the global automotive-configurator ecosystem.
Announced the NVIDIA RTX 2000 Ada Generation GPU, bringing the latest AI, graphics and compute technology to compact workstations.

Automotive

Fourth-quarter revenue was $281 million, up 8% from the previous quarter and down 4% from a year ago. Full-year revenue rose 21% to $1.1 billion.
Announced further adoption of its NVIDIA DRIVE® platform, with Great Wall Motors, ZEEKR and Xiaomi using DRIVE Orin™ to power intelligent automated-driving systems and Li Auto selecting DRIVE Thor™ as its centralized car computer.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2024 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2025.

Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition termination costs, stock-based compensation expense, acquisition-related and other costs, IP-related costs, other, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

About NVIDIA
Since its founding in 1993, NVIDIA (NASDAQ: NVDA) has been a pioneer in accelerated computing. The company’s invention of the GPU in 1999 sparked the growth of the PC gaming market, redefined computer graphics, ignited the era of modern AI and is fueling industrial digitalization across markets. NVIDIA is now a full-stack computing infrastructure company with data-center-scale offerings that are reshaping industry. More information at https://nvidianews.nvidia.com/.

For further information, contact:

Simona Jankowski	Mylene Mangalindan
Investor Relations	Corporate Communications
NVIDIA Corporation	NVIDIA Corporation
[email protected]	[email protected]

Certain statements in this press release including, but not limited to, statements as to: demand for accelerated computing and generative AI surging worldwide across companies, industries and nations; our Data Center platform being powered by increasingly diverse drivers, including demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies; vertical industries led by auto, financial, services and healthcare now at a multibillion-dollar level; NVIDIA RTX becoming a massive PC platform for generative AI enjoyed by 100 million gamers and creators; the year ahead bringing major new product cycles with exceptional innovations to help propel our industry forward; our upcoming conference at GTC, where we and our rich ecosystem will reveal the exciting future ahead; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook and expected tax rates for the first quarter of fiscal 2025; the benefits, impact, performance, features and availability of NVIDIA’s products and technologies, including NVIDIA AI platforms, NVIDIA DGX Cloud, NVIDIA DGX SuperPOD, NVIDIA NeMo Retriever, NVIDIA MONAI cloud APIs, NVIDIA Hopper architecture GPUs, NVIDIA GeForce RTX 40 SUPER Series GPUs, NVIDIA DLSS 3.5 Ray Reconstruction, NVIDIA Reflex, NVIDIA TensorRT-LLM, Chat with RTX, microservices for the NVIDIA Avatar Cloud Engine, NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies, NVIDIA Omniverse, NVIDIA RTX 2000 Ada Generation GPU, NVIDIA DRIVE platform, NVIDIA DRIVE Orin and NVIDIA DRIVE Thor; and our collaborations with third parties are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce RTX, NVIDIA DGX, NVIDIA DGX SuperPOD, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA Hopper, NVIDIA MONAI, NVIDIA NeMo, NVIDIA Omniverse, NVIDIA RTX and TensorRT are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)


			Three Months Ended						Twelve Months Ended
			January 28,			January 29,			January 28,			January 29,
				2024			2023			2024			2023

Revenue			$	22,103		$	6,051		$	60,922		$	26,974
Cost of revenue				5,312			2,218			16,621			11,618
Gross profit				16,791			3,833			44,301			15,356

Operating expenses
	Research and development			2,465			1,951			8,675			7,339
	Sales, general and administrative			711			625			2,654			2,440
	Acquisition termination cost			–			–			–			1,353
		Total operating expenses		3,176			2,576			11,329			11,132

Operating Income				13,615			1,257			32,972			4,224
	Interest income			294			115			866			267
	Interest expense			(63	)		(65	)		(257	)		(262	)
	Other, net			260			(18	)		237			(48	)
		Other income (expense), net		491			32			846			(43	)

Income before income tax				14,106			1,289			33,818			4,181
Income tax expense (benefit)				1,821			(125	)		4,058			(187	)
Net income			$	12,285		$	1,414		$	29,760		$	4,368

Net income per share:
	Basic		$	4.98		$	0.57		$	12.05		$	1.76
	Diluted		$	4.93		$	0.57		$	11.93		$	1.74

Weighted average shares used in per share computation:
	Basic			2,466			2,464			2,469			2,487
	Diluted			2,490			2,477			2,494			2,507

NVIDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)


			January 28,		January 29,
			2024		2023
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	25,984	$	13,296
	Accounts receivable, net			9,999		3,827
	Inventories			5,282		5,159
	Prepaid expenses and other current assets			3,080		791
		Total current assets		44,345		23,073

Property and equipment, net				3,914		3,807
Operating lease assets				1,346		1,038
Goodwill				4,430		4,372
Intangible assets, net				1,112		1,676
Deferred income tax assets				6,081		3,396
Other assets				4,500		3,820
		Total assets	$	65,728	$	41,182

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
	Accounts payable		$	2,699	$	1,193
	Accrued and other current liabilities			6,682		4,120
	Short-term debt			1,250		1,250
		Total current liabilities		10,631		6,563

Long-term debt				8,459		9,703
Long-term operating lease liabilities				1,119		902
Other long-term liabilities				2,541		1,913
		Total liabilities		22,750		19,081

Shareholders’ equity				42,978		22,101
		Total liabilities and shareholders’ equity	$	65,728	$	41,182

NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)


		Three Months Ended						Twelve Months Ended
		January 28,			January 29,			January 28,			January 29,
			2024			2023			2024			2023

Cash flows from operating activities:
Net income		$	12,285		$	1,414		$	29,760		$	4,368
Adjustments to reconcile net income to net cash
provided by operating activities:
	Stock-based compensation expense		993			738			3,549			2,709
	Depreciation and amortization		387			426			1,508			1,544
	Deferred income taxes		(78	)		(647	)		(2,489	)		(2,164	)
	(Gains) losses on investments in non-affiliated entities, net		(260	)		10			(238	)		45
	Acquisition termination cost		–			–			–			1,353
	Other		(109	)		20			(278	)		(7	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable		(1,690	)		1,081			(6,172	)		822
	Inventories		(503	)		(706	)		(98	)		(2,554	)
	Prepaid expenses and other assets		(1,184	)		(210	)		(1,522	)		(1,517	)
	Accounts payable		281			(193	)		1,531			(551	)
	Accrued and other current liabilities		1,072			166			2,025			1,341
	Other long-term liabilities		305			150			514			252
Net cash provided by operating activities			11,499			2,249			28,090			5,641
Cash flows from investing activities:
	Proceeds from maturities of marketable securities		1,731			2,633			9,732			19,425
	Proceeds from sales of marketable securities		50			–			50			1,806
	Purchases of marketable securities		(7,524	)		(2,133	)		(18,211	)		(11,897	)
	Purchase related to property and equipment and intangible assets		(253	)		(509	)		(1,069	)		(1,833	)
	Acquisitions, net of cash acquired		–			–			(83	)		(49	)
	Investments in non-affiliated entities and other, net		(113	)		5			(985	)		(77	)
Net cash provided by (used in) investing activities			(6,109	)		(4	)		(10,566	)		7,375
Cash flows from financing activities:
	Proceeds related to employee stock plans		–			5			403			355
	Payments related to repurchases of common stock		(2,660	)		(1,212	)		(9,533	)		(10,039	)
	Payments related to tax on restricted stock units		(841	)		(344	)		(2,783	)		(1,475	)
	Repayment of debt		–			–			(1,250	)		–
	Dividends paid		(99	)		(98	)		(395	)		(398	)
	Principal payments on property and equipment and intangible assets		(29	)		(4	)		(74	)		(58	)
	Other		–			(3	)		(1	)		(2	)
Net cash used in financing activities			(3,629	)		(1,656	)		(13,633	)		(11,617	)
Change in cash and cash equivalents			1,761			589			3,891			1,399
Cash and cash equivalents at beginning of period			5,519			2,800			3,389			1,990
Cash and cash equivalents at end of period		$	7,280		$	3,389		$	7,280		$	3,389

Supplemental disclosures of cash flow information:
	Cash paid for income taxes, net	$	1,874		$	32		$	6,549		$	1,404
	Cash paid for interest	$	26		$	28		$	252		$	254

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In millions, except per share data)
(Unaudited)

		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023

GAAP gross profit		$	16,791		$	13,400		$	3,833		$	44,301		$	15,356
GAAP gross margin			76.0	%		74.0	%		63.3	%		72.7	%		56.9	%
	Acquisition-related and other costs (A)		119			119			120			477			455
	Stock-based compensation expense (B)		45			38			30			141			138
	IP-related costs		4			26			16			40			16
Non-GAAP gross profit		$	16,959		$	13,583		$	3,999		$	44,959		$	15,965
Non-GAAP gross margin			76.7	%		75.0	%		66.1	%		73.8	%		59.2	%

GAAP operating expenses		$	3,176		$	2,983		$	2,576		$	11,329		$	11,132
	Stock-based compensation expense (B)		(948	)		(941	)		(709	)		(3,408	)		(2,572	)
	Acquisition-related and other costs (A)		(18	)		(16	)		(54	)		(106	)		(219	)
	Acquisition termination cost		–			–			–			–			(1,353	)
	Other (C)		–			–			(38	)		10			(63	)
Non-GAAP operating expenses		$	2,210		$	2,026		$	1,775		$	7,825		$	6,925

GAAP operating income		$	13,615		$	10,417		$	1,257		$	32,972		$	4,224
	Total impact of non-GAAP adjustments to operating income		1,134			1,140			967			4,162			4,816
Non-GAAP operating income		$	14,749		$	11,557		$	2,224		$	37,134		$	9,040

GAAP other income (expense), net		$	491		$	105		$	32		$	846		$	(43	)
	(Gains) losses from non-affiliated investments		(260	)		69			10			(238	)		45
	Interest expense related to amortization of debt discount		1			1			1			4			5
Non-GAAP other income (expense), net		$	232		$	175		$	43		$	612		$	7

GAAP net income		$	12,285		$	9,243		$	1,414		$	29,760		$	4,368
	Total pre-tax impact of non-GAAP adjustments		875			1,210			978			3,928			4,865
	Income tax impact of non-GAAP adjustments (D)		(321	)		(433	)		(218	)		(1,376	)		(867	)
Non-GAAP net income		$	12,839		$	10,020		$	2,174		$	32,312		$	8,366

Diluted net income per share
	GAAP	$	4.93		$	3.71		$	0.57		$	11.93		$	1.74
	Non-GAAP	$	5.16		$	4.02		$	0.88		$	12.96		$	3.34

Weighted average shares used in diluted net income per share computation			2,490			2,494			2,477			2,494			2,507

GAAP net cash provided by operating activities		$	11,499		$	7,333		$	2,249		$	28,090		$	5,641
	Purchases related to property and equipment and intangible assets		(253	)		(278	)		(509	)		(1,069	)		(1,833	)
	Principal payments on property and equipment and intangible assets		(29	)		(13	)		(4	)		(74	)		(58	)
Free cash flow		$	11,217		$	7,042		$	1,736		$	26,947		$	3,750



(A) Acquisition-related and other costs are comprised of amortization of intangible assets and transaction costs, and are included in the following line items:
		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023
	Cost of revenue	$	119		$	119		$	120		$	477		$	455
	Research and development	$	12		$	12		$	10		$	49		$	39
	Sales, general and administrative	$	6		$	4		$	44		$	57		$	180

(B) Stock-based compensation consists of the following:
		Three Months Ended									Twelve Months Ended
		January 28,			October 29,			January 29,			January 28,			January 29,
			2024			2023			2023			2024			2023
	Cost of revenue	$	45		$	38		$	30		$	141		$	138
	Research and development	$	706		$	701		$	527		$	2,532		$	1,892
	Sales, general and administrative	$	242		$	240		$	182		$	876		$	680

(C) Other consists of costs related to Russia branch office closure, assets held for sale related adjustments, legal settlement costs, and contributions.

(D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).

NVIDIA CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK


		Q1 FY2025 Outlook
		($ in millions)

GAAP gross margin			76.3	%
	Impact of stock-based compensation expense, acquisition-related costs, and other costs		0.7	%
Non-GAAP gross margin			77.0	%

GAAP operating expenses		$	3,480
	Stock-based compensation expense, acquisition-related costs, and other costs		(980	)
Non-GAAP operating expenses		$	2,500

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/38343cb8-8bc8-42b0-aa76-e3d280ae5507

NVIDIA Corporate Offices

NVIDIA’s Silicon Valley campus in Santa Clara, Calif.

Source: NVIDIA

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

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Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

Follow all the updates here:

Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
Read the full story here
Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
Read the full story here
Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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