Nvidia reports impressive earnings
Nvidia earnings and BoC Macklem speech take center stage
Nvidia exceeded Q3 expectations with $4.02 EPS and $18.12 billion revenue.
The company’s Q4 outlook predicts $20 billion revenue, but China export restrictions contribute to share downturn.
The Canadian dollar holds at 1.3700 despite softer inflation easing to 3.1% in October.
On the Market Watch!
Nvidia Q3 earnings
Nvidia delivered impressive third-quarter results overnight, surpassing expectations with adjusted earnings per share (EPS) at $4.02 and revenue totaling $18.12 billion. Mainly over strong performance with demand for AI-driven chips, particularly in the high-margin data center segment.
The estimates according to analysts’ expectations projected EPS of $3.36 on revenue of $16.18 billion.
In the fiscal fourth quarter outlook, Nvidia anticipates revenue around $20 billion This forecast exceeds analyst predictions which is estimated to be at $17.91 billion. The robust guidance contrasts with potential revenue challenges in China, which is expected to be affected due to U.S. export restrictions on AI chips to China.
USD/CAD
The Canadian dollar is holding firm around the significant 1.3700 level, despite recent indications of softer inflation in Canada, raising the possibility of a more dovish stance from the Bank of Canada (BoC).
The annual inflation growth in Canada slowed to 3.1% in October, down from 3.8% in September, while the core index recorded 2.7%, compared to 2.8%.
On the calendar, BoC Governor Tiff Macklem's is scheduled to have a speech today which will be closely watched as analysts have started predicating a potential cumulative rate cut of around 80 basis points by December 2024, with expectations of policy easing to commence between April and June.