Nvidia CEO Jensen Huang speaks onstage during The Latest York Times Dealbook Summit 2023 at Jazz at Lincoln Center in Latest York City on Nov. 29, 2023.
Slaven Vlasic | Getty Images
Nvidia briefly surpassed $2 trillion in market cap during intraday trading Friday following the corporate’s rosy earnings report Wednesday — nevertheless it was short-lived.
After rising earlier in the day, shares of Nvidia closed up lower than 1% Friday at $788.17 per share. Nvidia stock closed up 16% Thursday.
Nvidia posted $22.10 billion in revenue for its fiscal fourth quarter, a 265% increase from a yr ago and above the $20.62 billion expected by analysts polled by LSEG, formerly often known as Refinitiv. Nvidia reported $12.29 billion in net income during the quarter, up a staggering 769% from $1.41 billion last yr.
The corporate has benefited from the tech sector’s insatiable demand for artificial intelligence capabilities over the past yr. Nvidia makes the pricey graphics processors for the servers that power large AI models.
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Nvidia said it expects $24.0 billion in sales in the present quarter, surpassing the $22.17 billion expected by analysts.
“Fundamentally, the conditions are excellent for continued growth,” Nvidia CEO Jensen Huang said during the corporate’s quarterly call with investors Wednesday.
— CNBC’s Kif Leswing contributed to this report.
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