NVIDIA Stock Surges Following Strong Earnings Report
Key Points
- NVIDIA's stock price rose by 10% in after-hours trading on Wednesday.
- The company reported strong earnings for the first quarter of fiscal 2023, with revenue and earnings per share both exceeding analyst expectations.
- NVIDIA's data center and gaming businesses continue to be key drivers of growth.
Details
NVIDIA reported revenue of $8.29 billion for the quarter, up 46% year-over-year. Earnings per share were $1.32, up 54% year-over-year. The company's data center business grew by 84% year-over-year, while its gaming business grew by 29% year-over-year.
NVIDIA's strong earnings report is a sign of the continued strength of the semiconductor industry. The company's products are used in a wide range of applications, including gaming, data centers, and artificial intelligence. NVIDIA is well-positioned to benefit from the growing demand for semiconductors in these areas.
The company's stock price has been on a steady upward trend in recent months. The stock is trading at around $200 per share, up from around $150 per share at the beginning of the year. NVIDIA's strong earnings report is likely to provide further support for the stock price.
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