NVIDIA’s Q1 earnings beat estimates, stock jumps 24%

By MG News | May 25, 2023 at 02:39 PM GMT+05:00

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May 25, 2023 (MLN): Nvidia (NASDAQ: NVDA) reported its earnings for the first quarter of 2023, wherein the revenue clocked in at $7.19 billion [EPS: $1.09], which was a huge beat compared to the estimate of $6.51bn [EPS: 0.92].

Following the release, the stock price of Nvidia surged by more than 20% in the after-hours session.

The company is now ranked number 6th in the world, worth $940bn.

Notably, the stock price broke the all-time high set in Nov 2022 of $346, and currently stands at around $380 in pre-market trading, up by 23.91% from yesterday’s close.

Nvidia’s stock price is up 170% year-to-date.

Jensen Huang, founder and CEO of NVIDIA stated that the company delivered record results in data center and gaming despite the challenging macro environment.

Rank	Company	Market capitalization (Trillion $)
1	Apple	2.7
2	Microsoft	2.33
3	Aramco	2.06
4	Alphabet	1.54
5	Amazon.com	1.2
6	Nvidia	0.94

JP Morgan raised target price of Nvidia to $500 from $250, while Barclays raised target price to $500 from $275

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