Fairview HK: AI Chip Leader Nvidia Again Delivers Big Beat-And-Raise Report

Nvidia (NVDA) surpassed Wall Street's lofty expectations for its fiscal second quarter late Wednesday and projected higher than estimates for the current month.
CENTRAL, Hong Kong - Sept. 5, 2023 - PRLog -- The shares of NVDA increased in extended trading.

In the fiscal quarter ended July 30, the Santa Clara, Calif.-based corporation earned an adjusted $2.70 per share on revenues of $13.51 billion. FactSet surveyed analysts, who anticipated Nvidia profits of $2.08 per share on $11.19 billion in revenue. Nvidia's profits increased 429% year on year, while sales increased 101%.

Nvidia expects revenues of $16 billion in the current quarter, increasing 170% from the same time last year. Wall Street expected sales of $12.59 billion in the fiscal third quarter.

"A new computing era has begun," stated CEO Jensen Huang in a press statement. "Companies all over the world are shifting from general-purpose computing to accelerated computing and generative AI."

Nvidia's stock is at an all-time high.

Nvidia's quarterly profit was driven by record data-center sales. In the second quarter, the company's data-center revenue rose 171% year on year to $10.32 billion.

NVDA shares rose 9.5% to 516 in after-hours trading on the stock exchange today. NVDA shares rose 3.2% during the regular session on Wednesday, closing at 471.16.

On Tuesday, Nvidia set an all-time high in regular-session trading of 481.74.

Three months ago, Nvidia stock soared 24% the day after the firm reported a massive beat-and-raise report.

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