Nvidia approaches $800 billion market cap following strong earnings report
Jen-Hsun Huang, chief executive officer and co-founder of Nvidia, speaks at an International Consumer Electronics Show in Las Vegas.
Jacob Kepler | Bloomberg | Getty Images
Nvidia shares briefly rose more than 11% on Thursday morning after the company beat earnings and sales expectations for the third quarter. The stock is currently up more than 9%.
The chip company reported adjusted earnings per share of $1.17 and revenue of $7.1 billion. Analysts expected $1.11 earnings per share and revenue of $6.82 billion.
Earning per share rose 60% year-over-year and revenue was up 50% from a year ago. Nvidia also said it expects $7.4 billion in revenue in the current quarter, beating the $6.86 billion forecasted by analysts.
As of Thursday morning, Nvidia’s stock was up more than 124% year to date. On CNBC’s “Squawk on the Street,” Jim Cramer said it’s slated to be the next trillion-dollar company. Its market cap briefly passed $800 billion thanks to the rise in the share price on Thursday.
The company saw $2.9 billion in data center sales, up 55% from the year-ago quarter. More customers are seeking out Nvidia’s chips for artificial intelligence applications like understanding human speech, wrote Nvidia CFO Colette Kress.