Morning Headlines: MongoDB's Artificial Intelligence Investment Yields Results
In the tech world, the second quarter of the year has been a significant one for many companies as they announce their earnings and provide updates on their growth. Here's a roundup of some of the key developments.
Pure Storage (PSTG) to Post Q2 Earnings
Pure Storage, a flash data storage developer, is set to post its Q2 earnings update after today's close. Estimates suggest a 10.8% year-over-year revenue growth for the company. In Q1, Pure Storage beat Wall Street estimates with annual recurring revenue jumping 18%.
Verily's Shift in Focus
Alphabet's (GOOG) life sciences company, Verily, has closed its medical devices development. The CEO of Verily, Stephen Gillett, announced that the company is narrowing its product focus around its precision health platform, and data and AI strategy. Verily had developed products including a clinical study watch, a retinal camera, and a wearable glucose sensor. The number of job cuts due to this decision is currently unknown.
Nvidia's Q2 Earnings and Analyst Predictions
Nvidia is expected to report Q2 earnings after market close, with analysts predicting revenue to rise by 53% year over year. However, Nvidia's stock is up 35% year to date, but growth slowed to 69% in the previous quarter.
CrowdStrike, Snowflake, and Veeva Systems' Earnings Updates
CrowdStrike (CRWD), Snowflake (SNOW), and Veeva Systems (VEEV) are also set to deliver earnings updates this afternoon. Analysts predict around 13.5% year-over-year revenue growth for Veeva Systems this time.
Okta's Q2 Performance and Future Outlook
Okta's revenue rose by 13% year over year, and earnings per share gained 26% in Q2. Okta expects Q3 revenue to show growth between 9% and 10% year over year. Okta's CEO, Todd McKinnon, said Okta's software helps provide independence from the major AI infrastructure builders.
MongoDB's Second-Quarter Results and Future Plans
MongoDB's second-quarter revenue increased by 24% year-over-year to $591.4 million, with its cloud platform revenue accounting for 74% of the total. MongoDB added new AI features from its Voyage AI unit and announced new partnerships with AI developers. The company lifted full-year revenue guidance to $2.34-$2.36 billion.
Veeva Systems' Q2 Earnings Update
Veeva Systems is set to deliver its Q2 earnings update following strong top- and bottom-line beats in Q1. Analysts predict around 13.5% year-over-year revenue growth for Veeva Systems this time. Veeva's moves into the health sciences industry could be key.
Watch for Second-Half Growth Guidance
Watch for second-half growth guidance from both CrowdStrike and Snowflake, as well as Nvidia and Pure Storage once their Q2 earnings are announced. These updates will provide insight into the trajectory of these companies for the rest of the year.
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