The California company is close to joining the exclusive club of $1 trillion companies like Alphabet, Apple and Microsoft, after shares jumped 25% in early trading.
Late Wednesday the maker of graphics chips for gaming and artificial intelligence reported a quarterly profit of more than $2 billion and revenue of $7 billion, both exceeding Wall Street expectations.
Yet its projections for sales of $11 billion this quarter is what caught Wall Street off guard. It’s a 64% jump from last year during the same period, and well above the $7.2 billion industry analysts were forecasting.
“It looks like the new gold rush is upon us, and NVIDIA is selling all the picks and shovels,” Susquehanna Financial Group’s Christopher Rolland and Matt Myers wrote Thursday.
This story is from the May 27, 2023 edition of Techlife News.
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This story is from the May 27, 2023 edition of Techlife News.
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