U.S. stock indexes opened 1% higher on Thursday on news that the Trump administration was on the cusp of a trade agreement with Britain, while chip stocks advanced on the prospect of fewer export curbs on AI semiconductors.
D-Wave Quantum Inc. shares surged 28%, following the release of its impressive first-quarter earnings report. The quantum computing company significantly outperformed analysts' expectations, demonstrating strong growth and improved financial performance.
Arm Holdings, the U.K. semiconductor and software design company, reported better-than-expected fiscal fourth-quarter adjusted earnings and revenue but issued a disappointing outlook for the current first quarter. Arm said it anticipated revenue of $1.05 billion at the midpoint of its forecast range, below Wall Street estimates of $1.1 billion. The company also said it expects adjusted earnings of 30 cents to 38 cents a share in the first quarter, below expectations of 42 cents. U.S.-listed shares of Arm declined 5%.
AppLovin jumped 13% after the digital advertising company posted first-quarter earnings of $1.67 a share, beating Wall Street estimates of $1.44, as revenue rose 40% from a year earlier to $1.48 billion and topped expectations. The company also said it reached an agreement to sell its mobile gaming business.
Comments