NVIDIA Corporation (NASDAQ: NVDA) is off to an overwhelmingly strong start in the trading session this morning, and for good reason. The company reported earnings for the first quarter, blowing away expectations on both the top and bottom line. Of course, this led to excitement among investors, leading to gains in the value of the stock and prompting our partners at Trade Ideas to alert us to the gains. At the moment (9:51), NVDA is trading at $117.56 per share after a gain of $14.62 per share or 14.20% thus far today.
NVDA Reports Strong Earnings
As mentioned above, NVIDIA Corporation reported its earnings for the first quarter, blowing away expectations. During the quarter, analysts expected that the company would produce earnings in the amount of $0.66 per share on revenue in the amount of $1.91 billion. However, the company beat expectations on both sides of the fence, producing earnings of $0.79 per share on revenue of $1.94 billion in the quarter. Not only did these figures beat expectations, revenue proved growth in the amount of 48.4% year over year! In a statement, Jensen Huang, CEO at NVDA, had the following to offer…
“Our Datacenter GPU computing business nearly tripled from last year, as more of the world’s computer scientists engage deep learning. One industry after another is awakening to the power of GPU deep learning and AI, the most important technology force of our time…”
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on NVDA. In particular, we’ll be following the company’s continued growth as AI continues to drive sales. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!