Nvidia (NASDAQ:NVDA) stock is boosting higher on Thursday after the graphics card company revealed its earnings results for the third quarter of fiscal 2022.
Let’s go over that earnings report below!
- First off, the company reported adjusted earnings per share of $1.17.
- That’s a boon to NVDA stock as it beats out Wall Street’s estimate of $1.11 per share.
- It’s also a 60% jump from the company’s adjusted EPS of 73 cents during the same time last year.
- In addition to that, Nvidia reported revenue of $7.1 billion.
- Yet again, that comes in well above analysts’ revenue estimate of $6.83 billion.
- It also represents 50% growth from the $4.73 billion reported in the same period of the year prior.
- Another highlight for NVDA stock comes from its Q4 outlook.
- The company expects revenue for the period to come in at $7.4 billion, with a 2% variance higher or lower.
- That would see it beating out Wall Street’s estimate of $6.86 billion for the quarter.
Jensen Huang, founder and CEO of Nvidia, said the following in its most recent earnings report.
“Demand for NVIDIA AI is surging, driven by hyperscale and cloud scale-out, and broadening adoption by more than 25,000 companies. NVIDIA RTX has reinvented computer graphics with ray tracing and AI, and is the ideal upgrade for the large, growing market of gamers and creators, as well as designers and professionals building home workstations.”
NVDA stock is up 10.3% as of Thursday morning and is up 146.4% since the start of the year.
Investors on the hunt for more stock market news today will want to keep reading!
InvestorPlace offers up daily coverage of the stock market and today is no different. That includes what traders need to know about Qualcomm (NASDAQ:QCOM), Portillo’s (NASDAQ:PTLO), and electric vehicle (EV) stocks today. You can get up to speed on this news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
