NVDA: Nvidia Does It Again. Revenue Beat at $13.5bn, Updated Guidance Chasing $16bn.

Nvidia stock soared more than 6% in after hours, topping $500 a share for the first time in its history.

• Nvidia totally destroyed revenue and earnings expectations for the second quarter, sending its shares surging. The heavyweight chipmaker said earnings for the three months to July were $2.70 a share, beating Wall Street estimates for $2.08. Revenue? The figure landed at $13.5bn, blowing past the $11.2bn forecast, and up 101% year-over-year.
• Nvidia stock NVDA rallied hard post-earnings and jacked up a hefty 6% in after-hours markets. Shares are looking to open for trading on Thursday just above the $500 mark, giving the company a valuation of more than $1.2tn. The stock has nearly tripled in 2023.
• What got investors even more excited to like the stock was the company’s forward-looking guidance. For the current quarter, Nvidia is looking to pick up revenue of $16bn, well above the analyst consensus of $12.6bn. How? CEO Jensen Huang wants Nvidia to be the leading company in the AI space. “The race is on to adopt generative AI,” Huang said.