Target (TGT) posted quarter results that missed estimates by Wall Street analysts despite a slight increase in revenue. The retailer downgraded its forecast for the year, and its stock plunged over 20 percent on Wednesday. Nvidia reported that it exceeded its top and bottom lines but saw a one percent fall in stock price. CWEB has a negative outlook on Target. Its analysts upgraded Nvidia stock as demand still exceeds supply.
Target saw a 1.1 percent increase in revenue at $25.67 billion compared to the same quarter last year, but this was below analysts’ expectations of $25.88 billion. The third quarter saw a fall in earnings with $854 million compared with $971 in the same quarter last year. The Minneapolis-based retailer
It also downgraded its future outlook for the year and might look at a flat quarter in the holiday season, which is generally the best season for retailers.
CEO Brian Cornell told reporters that “lingering softness in discretionary categories had contributed to a decrease in earnings.” The retailer also faced increased shipment costs as it overprepared for a short-lived port strike in October.
Target’s main competitor, Walmart, announced its quarter results on Tuesday. The retailer increased earnings and upgraded its profit forecast for the year. The Bentonville, Arkansas-based giant retailer also increased its future outlook.
Nvidia (NVDA) reported its third-quarter results, beating the top and bottom lines. Sales were at $35.08 billion and rose by 94 percent year-on-year. LSEG had an estimated $33.16 billion in the quarter. The US chip maker also adjusted its earnings per share at 81 cents, beating analysts’ estimates.
Nvidia saw a slowdown in the third quarter, with growth of 122 percent in the second quarter and 262 percent in the first quarter of the year.
Nvidia is expected to launch a new generation chip called Blackwell, which could be a game changer. According to Jensen Huang, CEO of Nvidia, the global demand for chips still exceeds supply. CWEB has a positive outlook for the stock, though competitors such as Qualcomm, Intel, and AMD are catching up on chip production.
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