It has been a volatile week of wild swings in the market, but on Friday, chipmakers Nvidia (NVDA) and Applied Materials (AMAT) will be in focus following their quarterly results that were released Thursday evening.
Chip giant Nvidia reported a beat on both the top and bottom lines during its fiscal second quarter. Nvidia’s gaming segment revenue, which was being closely monitored, also beat Wall Street estimates. The stock jumped 7% in after-hours trading.
“We achieved sequential growth across our platforms,” Nvidia founder and CEO Jensen Huang said in a statement. “NVIDIA accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots.”
However, Nvidia’s fiscal third quarter revenue guidance missed expectations. The chipmaker expects revenue to total $2.9 billion, lower than estimates for $2.97 billion in revenue during Q3.
“Applied Materials is delivering solid financial performance in a market environment that remains challenging for the time being,” President and CEO Gary Dickerson said in a statement. “We are excited about the company’s future opportunities and are fully funding our R&D programs to develop new products and capabilities that will accelerate customers’ roadmaps and underpin our growth in the years ahead.”
The company’s fourth quarter adjusted earnings per share and revenue estimates also matched Wall Street expectations. Applied Materials expects adjusted EPS between 72 cents per share and 80 cents per share, estimates were for 75 cents per share. The company anticipates sales between $3.38 billion and $3.68 billion, and expectations were for $3.63 billion in sales during Q4.
Meanwhile, Deere & Co (DE) will deliver quarterly results ahead of the open Friday.
The industrial giant is expected to post adjusted earnings of $2.84 per share on $9.38 billion in revenue.
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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