Nvidia Stock Soars Past $500 After Chipmaker Demolishes Q2 Estimates On AI-Fueled Record Data Center Revenue
Portfolio Pulse from Shanthi Rexaline
Nvidia Corp. (NASDAQ:NVDA) reported Q2 earnings per share of $2.70, a 422% YoY increase, beating analysts' expectations of $1.91. Revenue climbed 101% YoY to $13.51 billion, surpassing the consensus estimate of $10.3 billion. The company's Q3 outlook expects revenue of $16 billion. Nvidia's stock has gained 219% this year, making it the best-performing S&P 500 stock. After closing 3.17% higher at $503.37 on Wednesday, the stock rose by 6.84% in after-hours trading.
August 23, 2023 | 8:36 pm
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POSITIVE IMPACT
Nvidia's Q2 earnings beat expectations, driving the stock price up. The company's strong performance and positive Q3 outlook may continue to support the stock's upward trend.
Nvidia's better-than-expected Q2 earnings and strong Q3 outlook have positively impacted the stock price. The company's strong positioning in AI technology and partnerships with major cloud service providers also contribute to the positive outlook.
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