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Nvidia shares close flat despite big earnings beat on down day for broader market

(Qnnflash) – Shares of semiconductor manufacturer Nvidia experienced a record-high opening on Thursday morning after the company announced better-than-expected performance in terms of revenue and earnings, along with robust guidance for the next quarter.

However, despite initially surging by up to 8%, the stock’s gains later retreated, eventually closing almost unchanged at $471.74.

For the fiscal second quarter, Nvidia reported adjusted earnings per share of $2.70, surpassing the Refinitiv consensus estimate of $2.09. The company also posted quarterly revenue of $13.51 billion, outperforming the consensus estimate of $11.22 billion.

The attention of analysts was also drawn to Nvidia’s encouraging outlook for the upcoming quarter. The firm anticipates revenue of approximately $16 billion for its fiscal third quarter, representing a substantial 170% increase compared to the same period the previous year.

Harlan Sur of JPMorgan raised his price target for Nvidia’s stock from $500 to $600, while maintaining an overweight rating for the company.

Sur expressed in a client note on Thursday, “Expectations were high coming into the print and the team managed to deliver results/outlook that were well-above buy side expectations driven by the massive demand pull for its datacenter products.” The company’s performance in this area contributed to its strong financial performance.

For More Information :

https://www.cnbc.com/2023/08/24/nvidia-shares-set-to-open-at-record-high-after-big-earnings-beat.html

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