Nvidia Reports Blowout Earnings As Stock Hits All-Time High

Aug 24, 2023 By MarketDepth

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Nvidia (NVDA:NASD) released second-quarter earnings, which beat analysts expectations. The company has been taking advantage of the AI push and pushed their earnings to record highs. Nvidia reported $13.51 billion which is up 101% over last year and adjusted earnings came in at $2.70 per share, which is up 429% from previous year.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI.”

Nvidia CEO Jensen Huang said in a statement.

The company had stated second-quarter earnings would come in around $11 billion, which already set expectations high, but Nvidia announced $13 billion, which sent the stock soaring to new highs. The stock is up 3% on the day at $485.63 and up over 300% on the year. The company is bucking the trend and pushing the market cap just shy of $1.2 trillion.