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Snowflake's (SNOW) second-quarter revenue grew from the year-ago period and beat analysts' projections, but losses widened as costs rose.

The data cloud company reported second-quarter revenue of $868.82 million, a 30% jump from the year-ago period, and above analysts' estimates compiled by Visible Alpha. However, Snowflake's net loss of $317.77 million or 95 cents per share widened from the year prior and represented a more significant loss than analysts projected. Excluding one-time items, adjusted earnings of 18 cents per share beat expectations.

The company said it expects fiscal third-quarter revenue to be between $850 million and $855 million and raised its full-year outlook to $3.36 billion, though both missed analysts' expectations.

"The quarter was hallmarked by innovation and product delivery, and great traction in the early stages of our new AI products," Snowflake CEO Sridhar Ramaswamy said in a release, adding that "with the combination of our platform, the network effect of collaboration and our AI innovations, we have a huge opportunity ahead to deliver even greater value to our customers."

Shares of Snowflake were down about 7% at $125.70 in extended trading Wednesday following the company's earnings report.

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As anticipation of Nvidia's (NVDA) upcoming earnings report builds, Raymond James analysts said they expect a solid quarter on demand for its artificial intelligence (AI) chips.

"We are looking for another strong quarter from NVDA despite the noise surrounding Blackwell delays," the analysts said, reiterating a "strong buy" rating for the stock.

Reported delays in the Blackwell chip sent Nvidia's stock price tumbling earlier this month, though the chipmaker has said production is on track to ramp in the second half of the year, as planned. Investors are likely to be watching for indicators of the delay's impact in the upcoming earnings report due for release on Aug. 28.

The analysts said they anticipate a "modest" contribution from Blackwell in the fiscal third quarter and that delays could drive sales of Hopper, the Blackwell chip's predecessor, in the near term.

They suggest that "a longer delay could increase the risk of a customer spending pause," but added that they "have no reason to doubt" Nvidia's capability to ship Blackwell by the end of the year.

Raymond James analysts were not alone, as other analysts have indicated worries about the impact of delays may be overblown.

The analysts said their checks with hyperscale customers and supply chain partners suggest no slowdown in demand as big tech companies ramp up spending on AI infrastructure, supporting Nvidia's data center sales.

The analysts highlighted that Nvidia beat revenue and outlook expectations in its past four earnings reports. While Nvidia has historically outperformed analysts' projections, the market's expectations around the AI darlings' performance have grown, setting an increasingly higher bar for the chipmaker.

Nvidia shares closed about 1% higher at $128.50 Wednesday. The stock has more than doubled in value since the start of the year.

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Ford Motor Company (F) is reworking its electric vehicle (EV) plans amid tough competition from local and foreign rivals and price pressures.

The automaker said on Wednesday it was nixing plans to develop an all-electric three-row SUV. Its next SUVs will instead be hybrids. Ford said it would take a $400 million non-cash charge to write down certain model-specific manufacturing assets. It warned the decision could also result in additional expenses of up to $1.5 billion. 

The company also delayed the rollout of its next-generation electric truck, dubbed "Project T3," to the second half of 2027. The truck will succeed the F-150, which, according to Ford, is America's best-selling electric truck.

In its place, the company will launch a new electric commercial van, which it expects to power with battery cells produced at its BlueOval City plant in Tennessee starting in 2025.

The company highlighted intense competition from Chinese rivals, a glut of new EV models hitting the market in the next year, and increasing compliance requirements as reasons for the company's reappraisal of its roadmap.

“We’re committed to creating long-term value by building a competitive and profitable business,” Chief Financial Officer John Lawler said. “With pricing and margin compression, we’ve made the decision to adjust our product and technology roadmap and industrial footprint to meet our goal of reaching positive EBIT within the first 12 months of launch for all new models.”

Ford's foray into EVs has been expensive. Its EV unit, Model e, reported a loss of nearly $2.5 billion in the first half of 2024.

High costs and sluggish demand have led the carmaker to repeatedly adjust its EV plans. In October 2023, the company said it would delay $12 billion in EV manufacturing investments in response to softer-than-expected consumer demand.

Ford shares gained 1.6% on Wednesday.

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President Bola Tinubu has strongly condemned the tragic murder of His Royal Highness, Alhaji Isa Bawa, the District Head of Gatawa District in Sabon Birni Local Government Area of Sokoto State by bandits.

This is contained in a statement issued by presidential spokesman, Ajuri Ngelale on Wednesday. Tinubu described the savage attack on the traditional ruler as deeply disturbing and a heinous act that will not go without a decisive response.

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