Nvidia Earnings: Still Best Solo Performer among its Peers
November 22, 2023
Nvidia (NVDA) earnings skyrocketed 593% vs. a year earlier while revenue leapt 206% to $18.12 billion, both easily beating fiscal Q3 views. The AI chip giant also guided high tech.
Nvidia reported another blockbuster result Tuesday afternoon, as the Silicon Valley giant continues to grow exponentially amid the explosion in artificial intelligence. Nvidia sells the semiconductor chips that power much of its generative AI technology, including Microsoft-backed ChatGPT maker OpenAI. In numbers, Nvidia reported revenue of $18.1 b illion for the three months ended October 30, surpassing last quarter’s record revenue of $16.2 billion and a 206% increase from the same period last year.
Earnings have also been booming, with the company reporting earnings of $4.02 per share and net income of $9.2 billion, beating its Q2 record of $2.48 per share and $6.2 billion. Nvidia's profit growth was largely driven by the expansion of its artificial intelligence-focused data center unit, which brought in $14.5 billion in revenue last quarter, posting a 279% increase YoY.
Notwithstanding, NVDA stock fell nearly 2% in active overnight trade. Shares dipped 0.9% to 499.44 in Tuesday's session, still in range of a 476.09 buy point from a double-bottom base. So today’s, November 22nd, premarket looks much more encouraging with the share spiking by a full 1% at the time of writing.
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