NVIDIA Reports 122% Revenue Growth, Beats Analyst Expectations
Key Financial Highlights
Nvidia's financial performance in the fiscal second quarter surpassed expectations across the board:
- Revenue surged 122% year-over-year to over $30 billion.
- Earnings per share (EPS) came in at $3.46, exceeding the consensus estimate of $3.25.
- Adjusted gross margin expanded by 60 basis points to 64.8%.
Earnings Conference Call
Nvidia will host a live webcast conference call to discuss its financial results on Wednesday after markets close. Investors and other interested parties can access the webcast in listen-only mode on Nvidia's investor relations website.
Analyst Commentary
Following the earnings announcement, several analysts raised their target prices for Nvidia's stock. One analyst, in particular, expects the company's growth to continue in the coming quarters:
"Nvidia's strong execution and continued demand for its products reinforce our positive outlook," the analyst said. "We believe the company is well-positioned to drive further innovation and growth in the semiconductor industry."
Stock Performance
Nvidia's stock has been on a steady upward trajectory over the past year. Through the first six months of 2023, the company's stock price soared nearly 150%. At the time of this writing, Nvidia is trading at around $128.30 per share.
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