News

NVIDIA Announces Financial Results for Second Quarter Fiscal 2024

Published

8 months ago

2 June, 2024

FinCrypto Staff

NVIDIA Announces Financial Results for Second Quarter Fiscal 2024

Record revenue of $13.51 billion, up 88% from Q1, up 101% from year ago

Record Data Center revenue of $10.32 billion, up 141% from Q1, up 171% from year ago

NVIDIA (NASDAQ: NVDA) today reported revenue for the second quarter ended July 30, 2023, of $13.51 billion, up 101% from a year ago and up 88% from the previous quarter.

GAAP earnings per diluted share for the quarter were $2.48, up 854% from a year ago and up 202% from the previous quarter. Non-GAAP earnings per diluted share were $2.70, up 429% from a year ago and up 148% from the previous quarter.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.

“NVIDIA GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI.

“During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading enterprise IT system and software providers announced partnerships to bring NVIDIA AI to every industry. The race is on to adopt generative AI,” he said.

During the second quarter of fiscal 2024, NVIDIA returned $3.38 billion to shareholders in the form of 7.5 million shares repurchased for $3.28 billion, and cash dividends. As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. On August 21, 2023, the Board of Directors approved an additional $25.00 billion in share repurchases, without expiration. NVIDIA plans to continue share repurchases this fiscal year.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on September 28, 2023, to all shareholders of record on September 7, 2023.

Q2 Fiscal 2024 Summary

GAAP
($ in millions, except earnings per share)	Q2 FY24			Q1 FY24			Q2 FY23			Q/Q			Y/Y
Revenue	$	13,507		$	7,192		$	6,704		Up 88%			Up 101%
Gross margin		70.1	%		64.6	%		43.5	%	Up 5.5 pts			Up 26.6 pts
Operating expenses	$	2,662		$	2,508		$	2,416		Up 6%			Up 10%
Operating income	$	6,800		$	2,140		$	499			Up 218%	Up 1,263%
Net income	$	6,188		$	2,043		$	656		Up 203%			Up 843%
Diluted earnings per share	$	2.48		$	0.82		$	0.26		Up 202%			Up 854%

Non-GAAP
($ in millions, except earnings per share)	Q2 FY24			Q1 FY24			Q2 FY23			Q/Q	Y/Y
Revenue	$	13,507		$	7,192		$	6,704		Up 88%	Up 101%
Gross margin		71.2	%		66.8	%		45.9	%	Up 4.4 pts	Up 25.3 pts
Operating expenses	$	1,838		$	1,750		$	1,749		Up 5%	Up 5%
Operating income	$	7,776		$	3,052		$	1,325		Up 155%	Up 487%
Net income	$	6,740		$	2,713		$	1,292		Up 148%	Up 422%
Diluted earnings per share	$	2.70		$	1.09		$	0.51		Up 148%	Up 429%

Outlook

NVIDIA’s outlook for the third quarter of fiscal 2024 is as follows:

Revenue is expected to be $16.00 billion, plus or minus 2%.

GAAP and non-GAAP gross margins are expected to be 71.5% and 72.5%, respectively, plus or minus 50 basis points.

GAAP and non-GAAP operating expenses are expected to be approximately $2.95 billion and $2.00 billion, respectively.

GAAP and non-GAAP other income and expense are expected to be an income of approximately $100 million, excluding gains and losses from non-affiliated investments.

GAAP and non-GAAP tax rates are expected to be 14.5%, plus or minus 1%, excluding any discrete items.

Highlights

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

Data Center

Second-quarter revenue was a record $10.32 billion, up 141% from the previous quarter and up 171% from a year ago.

Announced that the NVIDIA® GH200 Grace™ Hopper™ Superchip for complex AI and HPC workloads is shipping this quarter, with a second-generation version with HBM3e memory expected to ship in Q2 of calendar 2024.

Announced the NVIDIA L40S GPU — a universal data center processor designed to accelerate the most compute-intensive applications — available from leading server makers in a broad range of platforms, including NVIDIA OVX™ and NVIDIA AI-ready servers with NVIDIA BlueField® DPUs, beginning this quarter.

Unveiled NVIDIA MGX™, a server reference design available this quarter that lets system makers quickly and cost-effectively build more than 100 server variations for AI, HPC and NVIDIA Omniverse™ applications.

Announced NVIDIA Spectrum-X™, an accelerated networking platform designed to improve the performance and efficiency of Ethernet-based AI clouds, which is shipping this quarter.

Joined with global system makers to announce new NVIDIA RTX™ workstations with up to four new NVIDIA RTX 6000 Ada GPUs, as well as NVIDIA AI Enterprise and NVIDIA Omniverse Enterprise software, expected to ship this quarter.

Launched general availability of cloud instances based on NVIDIA H100 Tensor Core GPUs with Amazon Web Services, Microsoft Azure and regional cloud service providers.

Partnered with a range of companies on AI initiatives, including:
- ServiceNow and Accenture to develop AI Lighthouse, a first-of-its-kind program to fast-track the development and adoption of enterprise generative AI capabilities.
- VMware to extend the companies’ strategic partnership to ready enterprises running VMware’s cloud infrastructure for the era of generative AI with VMware Private AI Foundation with NVIDIA.
- Snowflake to provide businesses with an accelerated path to create customized generative AI applications using their own proprietary data.
- WPP to develop a generative AI-enabled content engine that lets creative teams produce high-quality commercial content faster, more efficiently and at scale while staying fully aligned with a client’s brand.
- SoftBank to create a platform for generative AI and 5G/6G applications based on the GH200, which SoftBank plans to roll out at new, distributed AI data centers across Japan.
- Hugging Face to give developers access to NVIDIA DGX™ Cloud AI supercomputing within the Hugging Face platform to train and tune advanced AI models.

Announced NVIDIA AI Workbench, an easy-to-use toolkit allowing developers to quickly create, test and customize pretrained generative AI models on a PC or workstation and then scale them, as well as NVIDIA AI Enterprise 4.0, the latest version of its enterprise software.

Set records in the latest MLPerf training benchmarks with H100 GPUs, excelling in a new measure for generative AI.

Gaming

Second-quarter revenue was $2.49 billion, up 11% from the previous quarter and up 22% from a year ago.

Began shipping the GeForce RTX™ 4060 family of GPUs, bringing to gamers NVIDIA Ada Lovelace architecture and DLSS, starting at $299.

Announced NVIDIA Avatar Cloud Engine, or ACE, for Games, a custom AI model foundry service using AI-powered natural language interactions to transform games by bringing intelligence to non-playable characters.

Added 35 DLSS games, including Diablo IV, Ratchet & Clank: Rift Apart, Baldur’s Gate 3 and F1 23, as well as Portal: Prelude RTX, a path-traced game made by the community using NVIDIA’s RTX Remix creator tool.

Professional Visualization

Second-quarter revenue was $379 million, up 28% from the previous quarter and down 24% from a year ago.

Announced three new desktop workstation RTX GPUs based on the Ada Lovelace architecture — NVIDIA RTX 5000, RTX 4500 and RTX 4000 — to deliver the latest AI, graphics and real-time rendering, which are shipping this quarter.

Announced a major release of the NVIDIA Omniverse platform, with new foundation applications and services for developers and industrial enterprises to optimize and enhance their 3D pipelines with OpenUSD and generative AI.

Joined with Pixar, Adobe, Apple and Autodesk to form the Alliance for OpenUSD to promote the standardization, development, evolution and growth of Universal Scene Description technology.

Automotive

Second-quarter revenue was $253 million, down 15% from the previous quarter and up 15% from a year ago.

Announced that NVIDIA DRIVE Orin™ is powering the new XPENG G6 Coupe SUV’s intelligent advanced driver assistance system.

Partnered with MediaTek, which will develop mainstream automotive systems on chips for global OEMs, which integrate new NVIDIA GPU chiplet IP for AI and graphics.

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 second quarter 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 third quarter of fiscal 2024.

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, legal settlement costs, contributions, 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 of 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.

NVIDIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)

(Unaudited)

			Three Months Ended						Six Months Ended
			July 30, 2023			July 31, 2022			July 30, 2023			July 31, 2022

Revenue			$	13,507		$	6,704		$	20,699		$	14,992
Cost of revenue				4,045			3,789			6,589			6,646
Gross profit				9,462			2,915			14,110			8,346

Operating expenses
	Research and development			2,040			1,824			3,916			3,443
	Sales, general and administrative			622			592			1,253			1,183
	Acquisition termination cost			—			—			—			1,353
		Total operating expenses		2,662			2,416			5,169			5,979

Operating income				6,800			499			8,941			2,367
	Interest income			187			46			338			64
	Interest expense			(65	)		(65	)		(131	)		(132	)
	Other, net			59			(5	)		42			(19	)
		Other income (expense), net		181			(24	)		249			(87	)

Income before income tax				6,981			475			9,190			2,280
Income tax expense (benefit)				793			(181	)		958			6
Net income			$	6,188		$	656		$	8,232		$	2,274

Net income per share:
	Basic		$	2.50		$	0.26		$	3.33		$	0.91
	Diluted		$	2.48		$	0.26		$	3.30		$	0.90

Weighted average shares used in per share computation:
	Basic			2,473			2,495			2,472			2,500
	Diluted			2,499			2,516			2,495			2,526

NVIDIA CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

			July 30, 2023		January 29, 2023
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	16,023	$	13,296
	Accounts receivable, net			7,066		3,827
	Inventories			4,319		5,159
	Prepaid expenses and other current assets			1,389		791
		Total current assets		28,797		23,073

Property and equipment, net				3,799		3,807
Operating lease assets				1,235		1,038
Goodwill				4,430		4,372
Intangible assets, net				1,395		1,676
Deferred income tax assets				5,398		3,396
Other assets				4,501		3,820
		Total assets	$	49,555	$	41,182

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
	Accounts payable		$	1,929	$	1,193
	Accrued and other current liabilities			7,156		4,120
	Short-term debt			1,249		1,250
		Total current liabilities		10,334		6,563

Long-term debt				8,456		9,703
Long-term operating lease liabilities				1,041		902
Other long-term liabilities				2,223		1,913
		Total liabilities		22,054		19,081

Shareholders’ equity				27,501		22,101
		Total liabilities and shareholders’ equity	$	49,555	$	41,182

NVIDIA CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

		Three Months Ended						Six Months Ended
		July 30,			July 31,			July 30,			July 31,
			2023			2022			2023			2022

Cash flows from operating activities:
Net income		$	6,188		$	656		$	8,232		$	2,274
Adjustments to reconcile net income to net cash provided by operating activities:
	Stock based compensation expense		842			648			1,576			1,226
	Depreciation and amortization		365			378			749			712
	(Gains) losses on investments in non affiliates, net		(60	)		7			(45	)		24
	Deferred income taxes		(746	)		(443	)		(1,881	)		(985	)
	Acquisition termination cost		—			—			—			1,353
	Other		(69	)		(5	)		(102	)		18
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable		(2,986	)		120			(3,239	)		(668	)
	Inventories		296			(725	)		861			(1,285	)
	Prepaid expenses and other assets		(376	)		(293	)		(592	)		(1,554	)
	Accounts payable		777			304			789			559
	Accrued liabilities and other current liabilities		1,986			633			2,675			1,267
	Other long-term liabilities		131			(10	)		236			60
Net cash provided by operating activities			6,348			1,270			9,259			3,001

Cash flows from investing activities:
	Proceeds from maturities of marketable securities		2,598			5,036			5,111			10,983
	Proceeds from sales of marketable securities		—			702			—			1,731
	Purchases of marketable securities		(2,542	)		(3,644	)		(5,343	)		(7,576	)
	Purchase related to property and equipment and intangible assets		(289	)		(433	)		(537	)		(794	)
	Acquisitions, net of cash acquired		—			(13	)		(83	)		(49	)
	Investments and other, net		(214	)		(30	)		(435	)		(65	)
Net cash provided by (used in) investing activities			(447	)		1,618			(1,287	)		4,230

		Three Months Ended						Six Months Ended
		July 30,			July 31,			July 30,			July 31,
			2023			2022			2023			2022

Cash flows from financing activities:
	Proceeds related to employee stock plans		1			1			247			205
	Payments related to repurchases of common stock		(3,067	)		(3,345	)		(3,067	)		(5,341	)
	Repayment of debt		(1,250	)		—			(1,250	)		—
	Payments related to tax on restricted stock units		(672	)		(305	)		(1,179	)		(837	)
	Dividends paid		(99	)		(100	)		(199	)		(200	)
	Principal payments on property and equipment and intangible assets		(11	)		(14	)		(31	)		(36	)
	Other		—			1			—			1
Net cash used in financing activities			(5,098	)		(3,762	)		(5,479	)		(6,208	)

Change in cash, cash equivalents, and restricted cash			803			(874	)		2,493			1,023
Cash, cash equivalents, and restricted cash at beginning of period			5,079			3,887			3,389			1,990
Cash, cash equivalents, and restricted cash at end of period		$	5,882		$	3,013		$	5,882		$	3,013

Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheet:
	Cash and cash equivalents	$	5,783		$	3,013		$	5,783		$	3,013
	Restricted cash, included in prepaid expenses and other current assets		99			—			99			—
Total cash, cash equivalents, and restricted cash		$	5,882		$	3,013		$	5,882		$	3,013

Supplemental disclosures of cash flow information:
Cash paid for income taxes, net		$	227		$	1,081		$	328		$	1,108

NVIDIA CORPORATION

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In millions, except per share data)

(Unaudited)

			Three Months Ended									Six Months Ended
			July 30,			April 30,			July 31,			July 30,			July 31,
				2023			2023			2022			2023			2022

GAAP gross profit			$	9,462		$	4,648		$	2,915		$	14,110		$	8,346
	GAAP gross margin			70.1	%		64.6	%		43.5	%		68.2	%		55.7	%
		Acquisition-related and other costs (A)		119			119			121			239			214
		Stock-based compensation expense (B)		31			27			38			58			76
		IP-related costs		2			8			—			10			—
Non-GAAP gross profit			$	9,614		$	4,802		$	3,074		$	14,417		$	8,636
	Non-GAAP gross margin			71.2	%		66.8	%		45.9	%		69.7	%		57.6	%

GAAP operating expenses			$	2,662		$	2,508		$	2,416		$	5,169		$	5,979
		Stock-based compensation expense (B)		(811	)		(708	)		(611	)		(1,518	)		(1,151	)
		Acquisition-related and other costs (A)		(18	)		(54	)		(54	)		(72	)		(110	)
		Acquisition termination cost		—			—			—			—			(1,353	)
		Legal settlement costs		—			—			—			—			(7	)
		Contributions		—			—			(2	)		—			(2	)
		Other (C)		5			4			—			10			—
Non-GAAP operating expenses			$	1,838		$	1,750		$	1,749		$	3,589		$	3,356

GAAP operating income			$	6,800		$	2,140		$	499		$	8,941		$	2,367
		Total impact of non-GAAP adjustments to operating income		976			912			826			1,887			2,913
Non-GAAP operating income			$	7,776		$	3,052		$	1,325		$	10,828		$	5,280

GAAP other income (expense), net			$	181		$	69		$	(24	)	$	249		$	(87	)
		(Gains) losses from non-affiliated investments		(62	)		14			7			(46	)		24
		Interest expense related to amortization of debt discount		1			1			1			2			2
Non-GAAP other income (expense), net			$	120		$	84		$	(16	)	$	205		$	(61	)

GAAP net income			$	6,188		$	2,043		$	656		$	8,232		$	2,274
		Total pre-tax impact of non-GAAP adjustments		915			927			833			1,843			2,940
		Income tax impact of non-GAAP adjustments (D)		(363	)		(257	)		(197	)		(622	)		(478	)
Non-GAAP net income			$	6,740		$	2,713		$	1,292		$	9,453		$	4,736

		Three Months Ended									Six Months Ended
		July 30,			April 30,			July 31,			July 30,			July 31,
			2023			2023			2022			2023			2022
Diluted net income per share
	GAAP	$	2.48		$	0.82		$	0.26		$	3.30		$	0.90
	Non-GAAP	$	2.70		$	1.09		$	0.51		$	3.79		$	1.87

Weighted average shares used in diluted net income per share computation			2,499			2,490			2,516			2,495			2,527

GAAP net cash provided by operating activities		$	6,348		$	2,911		$	1,271		$	9,259		$	3,001
	Purchases related to property and equipment and intangible assets		(289	)		(248	)		(432	)		(537	)		(794	)
	Principal payments on property and equipment and intangible assets		(11	)		(20	)		(15	)		(31	)		(36	)
Free cash flow		$	6,048		$	2,643		$	824		$	8,691		$	2,171

(A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
		Three Months Ended						Six Months Ended
		July 30,		April 30,		July 31,		July 30,		July 31,
			2023		2023		2022		2023		2022
	Cost of revenue	$	119	$	119	$	121	$	239	$	214
	Research and development	$	12	$	12	$	10	$	24	$	19
	Sales, general and administrative	$	6	$	42	$	44	$	48	$	91

(B) Stock-based compensation consists of the following:
		Three Months Ended						Six Months Ended
		July 30,		April 30,		July 31,		July 30,		July 31,
			2023		2023		2022		2023		2022
	Cost of revenue	$	31	$	27	$	38	$	58	$	76
	Research and development	$	600	$	524	$	452	$	1,124	$	836
	Sales, general and administrative	$	211	$	184	$	159	$	394	$	315

(C) Other consists of assets held for sale related adjustments.

(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

		Q3 FY2024
		Outlook
		($ in millions)
GAAP gross margin			71.5	%
	Impact of stock-based compensation expense, acquisition-related costs, and other costs		1.0	%
Non-GAAP gross margin			72.5	%

GAAP operating expenses		$	2,950
	Stock-based compensation expense, acquisition-related costs, and other costs		(950	)
Non-GAAP operating expenses		$	2,000

Source

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.

Source

News

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.
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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.
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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.
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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.
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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.
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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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