Nvidia Gaming Revenue Falls Over a Billion

• 3 min read
Nvidia Gaming Revenue Falls Over a Billion

MARKET MOVERS

  • Nvidia Q2 gaming revenue falls short by over a billion dollars. Its gaming revenue is reported at $2.04 billion, a staggering 33.33 percent decrease from the previous year’s $3.06 billion. Nvidia cited weakening demand for its gaming processors by its channel partners and resellers, noting that the lower sales were likely the result of macroeconomic headwinds.

  • Pfizer agrees to a $5.4 Billion deal for Global Blood Therapeutics. The acquisition continues a string of deals for Pfizer, which is flush with cash from sales of its Covid-19 vaccine and drug. Adding Global Blood Therapeutics would bolster Pfizer’s rare-diseases business and help it realize a longtime goal of selling drugs to treat sickle cell, an inherited blood disorder that affects about 100,000 people in the U.S. and 20 million worldwide.

  • Lyft creates a media division to expand its advertising services. Lyft hopes the new advertising products can generate revenue and help it compete against rivals like Uber Technologies Inc., which entered the media business in 2019 when it started selling ads through its Uber Eats app. Lyft will now allow brands to serve content on in-car tablets that riders can use to track their routes, tip and rate drivers, etc.

  • SoftBank dumps its entire stake in Uber as losses mount at its investment unit. The Japanese giant said that it sold its Uber holdings at some point between April and July at an average price of $41.47 per share. The move comes after SoftBank’s Vision Fund, its technology investment vehicle, reported a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter, one of its highest on record. Read more here.

  • Investors are selling stakes in private equity and venture capital funds at the fastest pace on record so far this year. Research shows these investors sold $33bn worth of their stakes in private capital. That’s up from 19bn during the same period last year. The biggest way in which this is a problem for the private equity firms is actually about what it says about their ability to raise funds in the future. Source(1:02)

WHAT TO WATCH

  • Axios to sell itself to Cox Enterprises for a reported $525 million. Axios’ co-founders Jim VandeHei, Mike Allen, and Roy Schwartz will remain on the company’s board and continue to manage its day-to-day operations, the companies said in a release. Cox Enterprises Chairman and CEO Alex Taylor will join the Axios board. The financial terms of the deal were not disclosed. Read more here.

  • Whirlpool to buy Emerson Electric’s InSinkErator. The company is paying $3 billion in an all-cash transaction to purchase InSinkErator. The transaction is expected to be immediately accretive to Whirlpool’s margins. It will add about $1.25 in earnings per share in fiscal 2023, the company said.

  • CVS plans to bid for Signify Health. Signify Health is exploring strategic alternatives including a sale, The Wall Street Journal reported this past week. Initial bids are due this coming week and CVS is planning to enter one. Others also are in the mix, they said, and CVS could face competition from other managed-care providers and private-equity firms.

  • Rhythm Pharmaceuticals is poised to rally nearly 40%, says Goldman Sachs. Analysts believe the outlook for Imcivree was transformed by initial [phase 2] data in patients with Hypothalamic Obesity (HO), which points to a high probability of clinical success in this indication where they also see a meaningfully higher peak sales opportunity as compared to other indications where Imcivree is in development.

  • Incoming spike in meat costs next year. With energy prices going up this much and supply chains disrupted due to Russia/Ukraine it means the next year is where the meat/poultry pain comes in. It’s the exact same thing that happened when China “paused” the supply chain in 2020 due to COVID. At first, it wasn’t a big deal, then you had a shortage since the ramifications of a pause show up 6-9 months later. Read more here.
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