One of the most anticipated earnings releases in the calendar is here. NVIDIA Corporation (NASDAQ: NVDA) announced the latest results after the closing bell on Tuesday. Let’s see how one of the companies from the ”trillion club” performed.
Company overview
The results
NVIDIA reported revenue that beat Wall Street estimates at $18.12 billion for the third quarter fiscal 2024 vs. $16.12 billion expected. Revenues were up by 205% year-over-year.
Earnings per share also beat estimates at $4.02 per share (up by 48.88% year-over-year) vs. $3.367 per share expected.
The company expects revenue of around $20 billion for the fourth quarter.
CEO commentary
“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” Jensen Huang, CEO of NVIDIA said in a letter to investors.
“Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries. NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off,” Huang highlighted how the world is adapting to and embracing AI.
Stock reaction
The stock was down by 0.92% at $499.44 a share before the results were announced.
Share price fell by around 1% in the after-hours trading as the market digested the latest results.
Stock performance
NVIDIA stock price targets
NVIDIA Corporation is the 6th largest company in the world with a market cap of $1.233 trillion.
You can trade NVIDIA Corporation (NASDAQ: NVDA) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.
Why trade during extended hours?
Sources: NVIDIA Corporation, TradingView, MarketWatch, Benzinga, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
USD – The US dollar index was ultimately firmer in a choppy session where DXY hit a low of 103.18 in the APAC session only to reverse course later hitting a high of 103.71 in the US session. A sour risk environment after some misses in US retail earnings and traders getting long before the FOMC minutes seem to be the key drivers. Reaction to the ...
US equities enjoyed a broad rally, with tech leading after news that recently ousted OpenAI CEO Sam Altman had been snapped up by Microsoft, the news ...