NVIDIA Corporation (NASDAQ: NVDA) shares hit a 52-week high in Thursday's after-hours session.
Nvidia reported adjusted third-quarter earnings of $1.78, beating estimates by 20 cents. Sales came in at $3.01 billion, beating estimates by $90 million.
The company issued fourth-quarter sales guidance of $2.95 billion (plus or minus 2%) compared to the $30.6 billion analyst estimate.
"Our gaming business and demand from hyperscale customers powered Q3's results," said Jensen Huang, founder and CEO of Nvidia. "The realism of computer graphics is taking a giant leap forward with NVIDIA RTX. "This quarter, we have laid the foundation for where AI will ultimately make the greatest impact. We extended our reach beyond the cloud, to the edge, where GPU-accelerated 5G, AI and IoT will revolutionize the world's largest industries. We see strong data center growth ahead, driven by the rise of conversational AI and inference."
- Revenue down 5% year-over-year
- Operating expenses up 15% year-over-year
- Operating income down 12% year-over-year
- Net income down 27% year-over-year
After initially dropping more than 2%, Nvidia's stock ticked higher by 1.5% in the after-hours session. The stock closed at $209.79 per share.
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