{"id":52175,"date":"2023-08-23T19:31:08","date_gmt":"2023-08-23T23:31:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/nvidia-crushes-earnings-the-stock-is-jumping\/"},"modified":"2023-08-23T19:31:10","modified_gmt":"2023-08-23T23:31:10","slug":"nvidia-crushes-earnings-the-stock-is-jumping","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52175","title":{"rendered":"Nvidia Crushes Earnings. The Stock is Jumping."},"content":{"rendered":"
\n

Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter that was well above expectations. The company\u2019s CEO credited a dramatic shift toward AI adoption for the robust results.<\/p>\n

Nvidia (ticker: NVDA) said adjusted earnings for the July quarter were $2.70 per share, compared with Wall Street\u2019s consensus estimate of $2.08, according to FactSet. Revenue came in at $13.5 billion\u2014up 101% year-over-year, which was better than analysts\u2019 expectations of $11.2 billion.<\/p>\n

\n

The big news was the outlook. For the current quarter, Nvidia provided a revenue forecast range with a midpoint of $16 billion, above the analyst consensus of $12.6 billion.<\/p>\n

\u201cA new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,\u201d Nvidia CEO Jensen Huang said in the release. \u201cThe race is on to adopt generative AI.\u201d<\/p>\n

Nvidia shares were up 7% in late trading shortly after the report.<\/p>\n

The chip maker\u2019s data center revenue surged in the July quarter to $10.32 billion\u2014up 141% from the prior quarter and up 171% from the prior year. Nvidia said data center sales were driven by demand from cloud service providers and large consumer internet companies.<\/p>\n

Nvidia dominates the market for chips used for AI projects, and it has been the primary beneficiary of the generative AI trend. OpenAI unleashed a wave of excitement about the technology after releasing its ChatGPT chatbot late last year. <\/p>\n

Start-ups and corporations prefer Nvidia\u2019s chips because of its robust software programming platform ecosystem, known as CUDA. Developers have been building and sharing AI-related tools and software libraries for over a decade on Nvidia\u2019s proprietary platform, making it easier to build AI applications rapidly.<\/p>\n

In a phone interview with Barron\u2019s<\/em> after the earnings report was released, Chief Financial Officer Colette Kress said Nvidia expects to increase product supply each quarter through the next fiscal year. <\/p>\n

Nvidia is also adding additional vendors and suppliers to help add capacity for advanced chip packaging and memory, she said. In terms of order allocation, the executive said the two primary factors are the timing of the order and the requested timeline for delivery by the customer.<\/p>\n

Heading into Wednesday\u2019s earnings report, Nvidia stock was up about 220% so far this year.<\/p>\n

Write to Tae Kim at tae.kim@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter that was well above expectations. The company\u2019s CEO credited a dramatic shift toward AI adoption for the robust results. Nvidia (ticker: NVDA) said adjusted earnings for the July quarter were $2.70 per share, […]<\/p>\n","protected":false},"author":1,"featured_media":52176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52175","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nNvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=52175\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=52175\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-23T23:31:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-23T23:31:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1692833468_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52175#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52175\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Nvidia Crushes Earnings. The Stock is Jumping.\",\"datePublished\":\"2023-08-23T23:31:08+00:00\",\"dateModified\":\"2023-08-23T23:31:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52175\"},\"wordCount\":396,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=52175#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52175\",\"url\":\"https:\/\/ifintechworld.com\/?p=52175\",\"name\":\"Nvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-23T23:31:08+00:00\",\"dateModified\":\"2023-08-23T23:31:10+00:00\",\"description\":\"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=52175#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=52175\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=52175#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nvidia Crushes Earnings. The Stock is Jumping.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld","description":"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=52175","og_locale":"en_US","og_type":"article","og_title":"Nvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld","og_description":"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter","og_url":"https:\/\/ifintechworld.com\/?p=52175","og_site_name":"iFintechWorld","article_published_time":"2023-08-23T23:31:08+00:00","article_modified_time":"2023-08-23T23:31:10+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/1692833468_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=52175#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=52175"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Nvidia Crushes Earnings. The Stock is Jumping.","datePublished":"2023-08-23T23:31:08+00:00","dateModified":"2023-08-23T23:31:10+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=52175"},"wordCount":396,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=52175#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=52175","url":"https:\/\/ifintechworld.com\/?p=52175","name":"Nvidia Crushes Earnings. The Stock is Jumping. | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-23T23:31:08+00:00","dateModified":"2023-08-23T23:31:10+00:00","description":"Nvidia shares spiked on Wednesday after the company reported strong quarterly earnings and provided a revenue forecast for its current October quarter","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=52175#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=52175"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=52175#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Nvidia Crushes Earnings. The Stock is Jumping."}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52175"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52175\/revisions"}],"predecessor-version":[{"id":52177,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/52175\/revisions\/52177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/52176"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}