Wednesday, August 23, 2023

"Nvidia stock soars to record high as earnings, forecasts crush expectations" (NVDA)

After hours the stock is up 7.29% ($34.33) at $505.49.

From Yahoo Finance, August 23:

Nvidia (NVDA) reported its second quarter earnings after the bell Wednesday blowing away already sky high expectations for the graphics chip giant as the AI hype train keeps plowing forward. The company reported better than expected earnings and revenue for the quarter, while saying it anticipates Q3 revenue of $16 billion plus or minus 2%.

Shares of Nvidia jumped more than 7% on the news.

Nvidia's report was seen is a key tests for the ongoing AI hype cycle, which has seen companies of all stripes dive into the technology in hopes of cashing in on the mania.

Here are the most important numbers from Nvidia's report compared to what Wall Street was expecting of the company, as compiled by Bloomberg.

  • Revenue: $13.51 billion versus $11.04 billion expected.

  • Adjusted EPS: $2.70 versus $2.07 expected.

  • Data center revenue: $10.32 versus $7.98 billion expected.

  • Gaming revenue: $2.49 versus $2.38 billion expected.

Investors were already expecting Nvidia to deliver a blowout quarter, after the company said Q2 revenue would be about $11 billion plus or minus 2%. But it's latest guidance is even higher....


Also at Yahoo Finance:

UPDATE 1-Nvidia forecasts third-quarter revenue above Wall Street expectations  

And more to come.