News

NVIDIA Announces Financial Results for Third Quarter Fiscal 2024

Published

1 year ago

5 June, 2024

FinCrypto Staff

NVIDIA Announces Financial Results for Third Quarter Fiscal 2024

Record revenue of $18.12 billion, up 34% from Q2, up 206% from year ago

Record Data Center revenue of $14.51 billion, up 41% from Q2, up 279% from year ago

NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter ended October 29, 2023, of $18.12 billion, up 206% from a year ago and up 34% from the previous quarter.

GAAP earnings per diluted share for the quarter were $3.71, up more than 12x from a year ago and up 50% from the previous quarter. Non-GAAP earnings per diluted share were $4.02, up nearly 6x from a year ago and up 49% from the previous quarter.

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.

“Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries.

“NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on December 28, 2023, to all shareholders of record on December 6, 2023.

Q3 Fiscal 2024 Summary

GAAP
($ in millions, except earnings per share)	Q3 FY24	Q2 FY24	Q3 FY23	Q/Q	Y/Y
Revenue	$18,120	$13,507	$5,931	Up 34%	Up 206%
Gross margin	74.0%	70.1%	53.6%	Up 3.9 pts	Up 20.4 pts
Operating expenses	$2,983	$2,662	$2,576	Up 12%	Up 16%
Operating income	$10,417	$6,800	$601	Up 53%	Up 1,633%
Net income	$9,243	$6,188	$680	Up 49%	Up 1,259%
Diluted earnings per share	$3.71	$2.48	$0.27	Up 50%	Up 1,274%

Non-GAAP
($ in millions, except earnings per share)	Q3 FY24	Q2 FY24	Q3 FY23	Q/Q	Y/Y
Revenue	$18,120	$13,507	$5,931	Up 34%	Up 206%
Gross margin	75.0%	71.2%	56.1%	Up 3.8 pts	Up 18.9 pts
Operating expenses	$2,026	$1,838	$1,793	Up 10%	Up 13%
Operating income	$11,557	$7,776	$1,536	Up 49%	Up 652%
Net income	$10,020	$6,740	$1,456	Up 49%	Up 588%
Diluted earnings per share	$4.02	$2.70	$0.58	Up 49%	Up 593%

Outlook

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

Revenue is expected to be $20.00 billion, plus or minus 2%.

GAAP and non-GAAP gross margins are expected to be 74.5% and 75.5%, respectively, plus or minus 50 basis points.

GAAP and non-GAAP operating expenses are expected to be approximately $3.17 billion and $2.20 billion, respectively.

GAAP and non-GAAP other income and expense are expected to be an income of approximately $200 million, excluding gains and losses from non-affiliated investments.

GAAP and non-GAAP tax rates are expected to be 15.0%, plus or minus 1%, excluding any discrete items.

Highlights

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

Data Center

Third-quarter revenue was a record $14.51 billion, up 41% from the previous quarter and up 279% from a year ago.

Announced NVIDIA HGX™ H200 with the new NVIDIA H200 Tensor Core GPU, the first GPU with HBM3e memory, with systems expected to be available in the second quarter of next year.

Introduced an AI foundry service — with NVIDIA AI Foundation Models, NVIDIA NeMo™ framework and NVIDIA DGX™ Cloud AI supercomputing — to accelerate the development and tuning of custom generative AI applications, first available on Microsoft Azure, with SAP and Amdocs among the first customers.

Announced that the NVIDIA Spectrum-X™ Ethernet networking platform for AI will be integrated into servers from Dell Technologies, Hewlett Packard Enterprise and Lenovo in the first quarter of next year.

Announced that NVIDIA GH200 Grace Hopper Superchips, including a new quad configuration, will power more than 40 new supercomputers, including the JUPITER system at Jülich Supercomputing Centre and Isambard-AI at the University of Bristol.

Made advances with global cloud service providers:

Partnered with a range of leading companies on AI initiatives, including Amdocs, Dropbox, Foxconn, Genentech (member of Roche Group), Infosys, Lenovo, Reliance Industries, Scaleway and Tata Group.

Announced record-setting performance in the latest two sets of MLPerf benchmarks for inference and training, with the NVIDIA Eos AI supercomputer training a GPT-3 model 3x faster than the previous record.

Announced growing worldwide support for the NVIDIA® CUDA® Quantum platform, including new efforts in Israel, the Netherlands, the U.K. and the U.S.

Gaming

Third-quarter revenue was $2.86 billion, up 15% from the previous quarter and up 81% from a year ago.

Launched DLSS 3.5 Ray Reconstruction, which creates high-quality ray-traced images for intensive ray-traced games and apps, including Alan Wake 2 and Cyberpunk 2077.

Released TensorRT-LLM™ for Windows, speeding on-device LLM inference by up to 4x.

Added 56 DLSS games and over 15 Reflex games, bringing the total number of RTX games and applications to over 475.

Surpassed 1,700 games on GeForce NOW™, including launches of Alan Wake 2, Baldur’s Gate 3, Cyberpunk 2077: Phantom Liberty, Forza Motorsport and Starfield.

Professional Visualization

Third-quarter revenue was $416 million, up 10% from the previous quarter and up 108% from a year ago.

Announced that Mercedes-Benz is using NVIDIA Omniverse to create digital twins to help plan, design, build and operate its manufacturing and assembly facilities around the world.

Announced a new line of desktop workstations with NVIDIA RTX™ 6000 Ada Generation GPUs and NVIDIA ConnectX® smart interface cards for training smaller AI models, fine-tuning models and running inference locally.

Automotive

Third-quarter revenue was $261 million, up 3% from the previous quarter and up 4% from a year ago.

Furthered its collaboration with Foxconn to develop next-generation electric vehicles for the global market, using the next-generation NVIDIA DRIVE Hyperion™ platform and NVIDIA DRIVE Thor™ system-on-a-chip.

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 third 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 fourth quarter and 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, 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						Nine Months Ended
			October 29,			October 30,			October 29,			October 30,
			2023			2022			2023			2022

Revenue			$	18,120		$	5,931		$	38,819		$	20,923
Cost of revenue				4,720			2,754			11,309			9,400
Gross profit				13,400			3,177			27,510			11,523

Operating expenses
	Research and development			2,294			1,945			6,210			5,387
	Sales, general and administrative			689			631			1,942			1,815
	Acquisition termination cost			–			–			–			1,353
		Total operating expenses		2,983			2,576			8,152			8,555

Operating Income				10,417			601			19,358			2,968
	Interest income			234			88			572			152
	Interest expense			(63	)		(65	)		(194	)		(198	)
	Other, net			(66	)		(11	)		(24	)		(29	)
		Other income (expense), net		105			12			354			(75	)

Income before income tax				10,522			613			19,712			2,893
Income tax expense (benefit)				1,279			(67	)		2,237			(61	)
Net income			$	9,243		$	680		$	17,475		$	2,954

Net income per share:
	Basic		$	3.75		$	0.27		$	7.07		$	1.18
	Diluted		$	3.71		$	0.27		$	7.01		$	1.17

Weighted average shares used in per share computation:
	Basic			2,468			2,483			2,470			2,495
	Diluted			2,494			2,499			2,494			2,517

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


			October 29,		January 29,
			2023		2023
ASSETS

Current assets:
	Cash, cash equivalents and marketable securities		$	18,281	$	13,296
	Accounts receivable, net			8,309		3,827
	Inventories			4,779		5,159
	Prepaid expenses and other current assets			1,289		791
		Total current assets		32,658		23,073

Property and equipment, net				3,844		3,807
Operating lease assets				1,316		1,038
Goodwill				4,430		4,372
Intangible assets, net				1,251		1,676
Deferred income tax assets				5,982		3,396
Other assets				4,667		3,820
		Total assets	$	54,148	$	41,182

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
	Accounts payable		$	2,380	$	1,193
	Accrued and other current liabilities			5,472		4,120
	Short-term debt			1,249		1,250
		Total current liabilities		9,101		6,563

Long-term debt				8,457		9,703
Long-term operating lease liabilities				1,091		902
Other long-term liabilities				2,234		1,913
		Total liabilities		20,883		19,081

Shareholders’ equity				33,265		22,101
		Total liabilities and shareholders’ equity	$	54,148	$	41,182

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


		Three Months Ended						Nine Months Ended
		October 29,			October 30,			October 29,			October 30,
		2023			2022			2023			2022

Cash flows from operating activities:
Net income		$	9,243		$	680		$	17,475		$	2,954
Adjustments to reconcile net income to net cash
provided by operating activities:
	Stock based compensation expense		979			745			2,555			1,971
	Depreciation and amortization		372			406			1,121			1,118
	Losses on investments in non-affiliates, net		69			11			24			35
	Deferred income taxes		(529	)		(532	)		(2,411	)		(1,517	)
	Acquisition termination cost		–			–			–			1,353
	Other		(66	)		(45	)		(170	)		(27	)
Changes in operating assets and liabilities, net of acquisitions:
	Accounts receivable		(1,243	)		410			(4,482	)		(258	)
	Inventories		(457	)		(563	)		405			(1,848	)
	Prepaid expenses and other assets		254			247			(337	)		(1,307	)
	Accounts payable		461			(917	)		1,250			(358	)
	Accrued liabilities and other current liabilities		(1,722	)		(92	)		953			1,175
	Other long-term liabilities		(28	)		42			208			102
Net cash provided by operating activities			7,333			392			16,591			3,393
Cash flows from investing activities:
	Proceeds from maturities of marketable securities		2,891			5,809			8,001			16,792
	Proceeds from sales of marketable securities		–			75			–			1,806
	Purchases of marketable securities		(5,345	)		(2,188	)		(10,688	)		(9,764	)
	Purchase related to property and equipment and intangible assets		(278	)		(530	)		(815	)		(1,324	)
	Acquisitions, net of cash acquired		–			–			(83	)		(49	)
	Investments in non-affiliates and other, net		(437	)		(18	)		(872	)		(83	)
Net cash provided by (used in) investing activities			(3,169	)		3,148			(4,457	)		7,378
Cash flows from financing activities:
	Proceeds related to employee stock plans		156			143			403			349
	Payments related to repurchases of common stock		(3,806	)		(3,485	)		(6,874	)		(8,826	)
	Repayment of debt		–			–			(1,250	)		–
	Payments related to tax on restricted stock units		(764	)		(294	)		(1,942	)		(1,131	)
	Dividends paid		(99	)		(100	)		(296	)		(300	)
	Principal payments on property and equipment and intangible assets		(13	)		(18	)		(44	)		(54	)
	Other		(1	)		1			(1	)		1
Net cash used in financing activities			(4,527	)		(3,753	)		(10,004	)		(9,961	)
Change in cash, cash equivalents, and restricted cash			(363	)		(213	)		2,130			810
Cash, cash equivalents, and restricted cash at beginning of period			5,882			3,013			3,389			1,990
Cash, cash equivalents, and restricted cash at end of period		$	5,519		$	2,800		$	5,519		$	2,800

Supplemental disclosure of cash flow information:
	Cash paid for income taxes, net	$	4,348		$	264		$	4,676		$	1,372

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

		Three Months Ended									Nine Months Ended
		October 29,			July 30,			October 30,			October 29,			October 30,
		2023			2023			2022			2023			2022

GAAP gross profit		$	13,400		$	9,462		$	3,177		$	27,510		$	11,523
GAAP gross margin			74.0	%		70.1	%		53.6	%		70.9	%		55.1	%
	Acquisition-related and other costs (A)		119			119			120			358			335
	Stock-based compensation expense (B)		38			31			32			96			108
	IP-related costs		26			2			–			36			–
Non-GAAP gross profit		$	13,583		$	9,614		$	3,329		$	28,000		$	11,966
Non-GAAP gross margin			75.0	%		71.2	%		56.1	%		72.1	%		57.2	%

GAAP operating expenses		$	2,983		$	2,662		$	2,576		$	8,152		$	8,555
	Stock-based compensation expense (B)		(941	)		(811	)		(713	)		(2,459	)		(1,863	)
	Acquisition-related and other costs (A)		(16	)		(18	)		(54	)		(88	)		(164	)
	Acquisition termination cost		–			–			–			–			(1,353	)
	Other (C)		–			5			(16	)		10			(25	)
Non-GAAP operating expenses		$	2,026		$	1,838		$	1,793		$	5,615		$	5,150

GAAP operating income		$	10,417		$	6,800		$	601		$	19,358		$	2,968
	Total impact of non-GAAP adjustments to operating income		1,140			976			935			3,027			3,848
Non-GAAP operating income		$	11,557		$	7,776		$	1,536		$	22,385		$	6,816

GAAP other income (expense), net		$	105		$	181		$	12		$	354		$	(75	)
	(Gains) losses from non-affiliated investments		69			(62	)		11			23			36
	Interest expense related to amortization of debt discount		1			1			1			3			3
Non-GAAP other income (expense), net		$	175		$	120		$	24		$	380		$	(36	)

GAAP net income		$	9,243		$	6,188		$	680		$	17,475		$	2,954
	Total pre-tax impact of non-GAAP adjustments		1,210			915			947			3,053			3,887
	Income tax impact of non-GAAP adjustments (D)		(433	)		(363	)		(171	)		(1,055	)		(649	)
Non-GAAP net income		$	10,020		$	6,740		$	1,456		$	19,473		$	6,192

Diluted net income per share
	GAAP	$	3.71		$	2.48		$	0.27		$	7.01		$	1.17
	Non-GAAP	$	4.02		$	2.70		$	0.58		$	7.81		$	2.46

Weighted average shares used in diluted net income per share computation			2,494			2,499			2,499			2,494			2,517

GAAP net cash provided by operating activities		$	7,333		$	6,348		$	392		$	16,591		$	3,393
	Purchases related to property and equipment and intangible assets		(278	)		(289	)		(530	)		(815	)		(1,324	)
	Principal payments on property and equipment and intangible assets		(13	)		(11	)		(18	)		(44	)		(54	)
Free cash flow		$	7,042		$	6,048		$	(156	)	$	15,732		$	2,015



(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									Nine Months Ended
		October 29,			July 30,			October 30,			October 29,			October 30,
			2023			2023			2022			2023			2022
	Cost of revenue	$	119		$	119		$	120		$	358		$	335
	Research and development	$	12		$	12		$	10		$	37		$	29
	Sales, general and administrative	$	4		$	6		$	44		$	51		$	135

(B) Stock-based compensation consists of the following:
		Three Months Ended									Nine Months Ended
		October 29,			July 30,			October 30,			October 29,			October 30,
			2023			2023			2022			2023			2022
	Cost of revenue	$	38		$	31		$	32		$	96		$	108
	Research and development	$	701		$	600		$	530		$	1,826		$	1,365
	Sales, general and administrative	$	240		$	211		$	183		$	633		$	498

(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


		Q4 FY2024 Outlook
		($ in millions)

GAAP gross margin			74.5	%
	Impact of stock-based compensation expense, acquisition-related costs, and other costs		1.0	%
Non-GAAP gross margin			75.5	%

GAAP operating expenses		$	3,165
	Stock-based compensation expense, acquisition-related costs, and other costs		(965	)
Non-GAAP operating expenses		$	2,200

Source

News

Breakfast on Wall Street: The Week Ahead

Published

12 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

12 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.”

Source

News

Latest Business News Live Updates Today, July 11, 2024

Published

12 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.

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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.
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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.
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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.
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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.
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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.
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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

12 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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