The Teleconferencing company Zoom video communications (NASDAQ: ZM) announced strong first-quarter financial results on Tuesday after market close. The California-based company beats Wall Street estimates with first-quarter revenue of $328.2 million, an increase of 169 per cent from last year.
Dell Technologies (NYSE: DELL) and Marvell Technology Group (NASDAQ: MRVL) reported strong quarterly earnings data on Thursday.
Oil prices may have stabilized after plunging in response to the coronavirus and the price has surged more than 80% this month as demand returned following the easing of lockdown restrictions in some countries. Demand and supply fundamentals are getting better which is helping the oil market to recover from the coronavirus plunge. Another factor involved in the oil price recovery after OPEC+ countries cut crude production by nearly 10 million BPD starting in May.
The computer hardware maker NVIDIA (NASDAQ: NVDA) announced its first-quarter earnings results on Thursday. The company revenue from gaming products grew 27 per cent in its last quarter while revenues from the Datacenter division grew 80 per cent to $ 1.14 billion. During the quarter, Nvidia completed its $7 billion acquisition of Mellanox Technologies, a maker of key technologies for connecting its chips in data centres.
Walmart (WMT) reported better than expected first-quarter earnings on Tuesday, as the coronavirus pandemic sends demand higher and driven by e-commerce sales growth and higher traffic in stores. The company said it would be withdrawing its 2020 guidance because of uncertainty during the coronavirus pandemic.