Nvidia shares rise following Q3 earnings report
source link: https://www.cnbc.com/2021/11/18/nvidia-shares-rise-following-q3-earnings-report.html
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Nvidia approaches $800 billion market cap following strong earnings report
- Nvidia shares briefly rose more than 11% Thursday after the company beat earnings and sales expectations for the third quarter.
- As of market close, Nvidia’s stock was up more than 144% year to date.
- Jim Cramer said it’s slated to be the next trillion-dollar company on CNBC’s “Squawk on the Street”
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Nvidia shares briefly rose more than 11% on Thursday morning after the company beat earnings and sales expectations for the third quarter. The stock closed up more than 8%
The chip company reported adjusted earnings per share of $1.17 and revenue of $7.1 billion. Analysts expected $1.11 earnings per share and revenue of $6.82 billion.
Earning per share rose 60% year-over-year and revenue was up 50% from a year ago. Nvidia also said it expects $7.4 billion in revenue in the current quarter, beating the $6.86 billion forecasted by analysts.
As of market close, Nvidia’s stock was up more than 144% year to date. On CNBC’s “Squawk on the Street,” Jim Cramer said it’s slated to be the next trillion-dollar company. Its market cap briefly passed $800 billion thanks to the rise in the share price on Thursday.
The company saw $2.9 billion in data center sales, up 55% from the year-ago quarter. More customers are seeking out Nvidia’s chips for artificial intelligence applications like understanding human speech, wrote Nvidia CFO Colette Kress.
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