Nvidia CEO Jensen Huang speaks onstage during The Recent York Times Dealbook Summit 2023 at Jazz at Lincoln Center in Recent 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 — but it surely was short-lived.
After rising earlier within 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 referred to as Refinitiv. Nvidia reported $12.29 billion in net income in the course of 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.
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 in the course of the company’s quarterly call with investors Wednesday.
— CNBC’s Kif Leswing contributed to this report.
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