This week, our focus was on NVIDIA, Lucid Group, Palo Alto Networks and Beyond Meat. Learn how these stocks reacted to the latest events.

Palo Alto Networks report: revenue recorded 26% growth

Palo Alto Networks report: revenue recorded 26% growth

On Tuesday 21 February, Palo Alto Networks Inc. which specialises in cybersecurity filed a report for Q2, financial 2023. From November to January, compared to the same period of the preceding financial year, revenue recorded a 25.68% growth to $1.66 billion, confirming what experts had expected. Net profit reached $84.22 million or $0.25 per share, while a year ago the corporation registered a quarterly net loss of $93.51 million or $0.32 per share.

According to the management of Palo Alto Networks Inc., the demand for cybersecurity services remains high despite a slowdown in business activity. The company raised its forecast for the financial year 2023: annual revenue growth is expected to be 22-23%, up from the 20-22% previously announced. Palo Alto Networks Inc (NASDAQ:PANW) shares rose 12.5% to $187.75 per share on 22 February.

NVIDIA report: stock up 14%

NVIDIA report: stock up 14%

The US maker of graphics processing units (GPUs) and chips, NVIDIA Corporation (NASDAQ: NVDA), reported its fourth quarter and full fiscal 2023 results on 22 February. At the close of trading on that day, the company's stock price was up slightly by 0.48% to $207.54 per share, but the stock leaped up 8.9% to $225.98 on the post-market. On 23 February, the securities ended the session at $236.64, up 14.02%.

In the period November to January, revenue lost 20.83% compared to the statistics of last year, reaching $6.05 billion; net profit declined by 52.91% to $1.41 billion, and EPS slumped 51.69% to $0.57. Analysts had predicted revenues to reach $6.03 billion and EPS $0.81.

However, if we compare this to the results of the previous quarter, the revenue, net profit, and EPS grew by 2.02%, 107.94%, and 111.11%, respectively. The yearly revenue of NVIDIA Corporation, compared to that of financial 2022, recorded 0.22% growth to $26.97 billion, net profit dropped by 55.21% to $4.37 billion, and EPS by 54.81% to $1.74.

Moreover, the corporation reported that the NVIDIA GeForce NOW cloud-based gaming service will have ten years of access to the Call of Duty franchise. As you might remember, it is owned by Activision Blizzard Inc. (NASDAQ: ATVI) which Microsoft Corporation (NASDAQ: MSFT) is trying to acquire. And it will also be launching a new cloud service that will make AI tool development easier.

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Lucid Group report: disappointing production volume forecast

Lucid Group report: disappointing production volume forecast

On Thursday 23 February, the stock of American electric car maker Lucid Group Inc. (NASDAQ: LCID) lost 11.92%, dropping to $8.79. The decline of the securities came after the release of its fourth-quarter and full-year 2022 results.

Quarterly revenue increased by 876.48% to $257.71 million, while the net loss dropped by 54.79% to $472.65 million, and the loss per share by 56.25% to $0.28. The yearly revenue increased 2143.29% to $608.18 million, the net loss dropped by 49.43% to $1.3 billion, and the loss per share declined 76.44% to $1.51. Meanwhile, the consensus forecast was $302.61 million for the quarter and $661 million for the year.

Lucid Group Inc. produced 7,180 electric cars in 2022, up from its own forecast of 6,000-7,000 cars. The company says there is a noticeable decline in demand and therefore expects to produce 10,000-14,000 electric cars in 2023. This is significantly less than analysts' forecasts, which had expected the figure to reach 20,000-22,000 electric cars.

Beyond Meat report: quarterly expenses reduced by 31%

Beyond Meat report: quarterly expenses reduced by 31%

The world's largest plant-based meat substitute producer, Beyond Meat Inc (NASDAQ:BYND), shared its fourth-quarter and full-year results on Thursday. At the close of the trading session on the same day, quotations reacted with a restrained upward movement of 0.23% to $17.14. However, on the post-market, the stock gained 14.35% to $19.6 per unit.

Revenue for the fourth quarter dropped by 20.6% to $79.94 million and for 2022 it rose 9.85% to $418.93 million. Experts had expected $75.8 million in quarterly revenue and $414.6 million for the yearly one. The loss for the period October to December shrank 16.8% to $66.87 million, or $1.05 per share, and for the full year, it rose 101.06% to $366.14 million, or $5.75 per share.

In the last three months of 2023, Beyond Meat Inc. managed to reduce its operational expenses by 31.7% to $62.79 million. Management expects 2023 revenue to reach $375-415 million, an accelerated margin recovery, and lower operating expenses.

Summing up

Palo Alto Networks Inc., NVIDIA Corporation, Lucid Group Inc., and Beyond Meat Inc. reported financial results this week. The shares of these companies with the exception of the car manufacturer demonstrated rapid growth. Palo Alto Networks Inc., NVIDIA Corporation, Lucid Group Inc., and Beyond Meat Inc. all reported financial results this week.


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Server A.

Server is the guru of searching for market insights. Since 2019 he writes about everything that might be useful to the investor, focusing on the stock market and its assets.