Nvidia Stock Retreats After Forecast-Beating Results
Nvidia, the chip maker synonymous with AI reported another quarter of blowout sales and earnings growth late Tuesday.
Shares of Nvidia slipped in early trading as investors considered the chip maker’s blockbuster quarterly results.
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@nvidia Stock Retreats After Forecast-Beating Results
Shares of Nvidia slipped in early trading as investors considered the chip maker's blockbuster quarterly results, Bloomberg reports#Nvidia #chips pic.twitter.com/X1eBQZLavp— The_Journalbiz (@the_journalbiz) November 22, 2023
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The shares stood about 3% lower in recent trading, making them among the worst performers in the S&P 500.
Here is a roundup of some key items from Tuesday afternoon’s earnings report, versus forecasts from a FactSet survey of Wall Street analysts:
Quarterly revenue of $18.1 billion. That was comfortably ahead of company guidance, and about 12% above Wall Street consensus.
Net income of $9.24 billion, roughly 26% ahead of consensus.
GAAP earnings of $3.71 per share, or a 22% beat.
Nvidia anticipates revenue of about $20 billion this quarter, give or take 2%, versus Wall Street’s $18 billion forecast.
Nvidia’s stock has surged amid euphoria over artificial intelligence, more than tripling this year and hitting a record close on Monday.
The rise of Nvidia, one of the so-called Magnificent Seven big tech firms, has helped power this year’s gains in the S&P 500.
