elcome to the latest editions of top stock highlights where we feature interesting snippets from various companies and other business events.
Nvidia Corporation (NASDAQ: NVDA)
Nvidia released its fiscal 2023 first quarter (1Q2023) earnings this week, with revenue hitting a record of US$8.3 billion, up 46% year on year.
Gross profit jumped by 49.7% year on year to US$5.4 billion but net profit fell by 15.4% year on year to US$1.6 billion due to a US$1.3 billion acquisition termination cost related to Nvidia’s failed acquisition of Arm from Softbank (TYO: 9984).
Free cash flow dipped by 13.1% year on year to US$1.37 billion.
The technology company guided for US$8.1 billion in revenue for its fiscal 2023 second quarter, representing a year on year growth of 24.6%.
This estimate accounts for a US$500 million revenue reduction resulting from China’s COVID-19 lockdowns as well as the Russia-Ukraine war.
CFO Colette Kress said that the company will slow down its hiring to deal with...