NVIDIA’s Q1 earnings beat estimates, stock jumps 24%
MG News | May 25, 2023 at 02:39 PM GMT+05:00
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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