Thursday’s trading session unfolded with semiconductor stocks surging despite a drop in Nvidia Corp.’s (NASDAQ:NVDA) shares.
Nvidia's earnings were seen as a critical juncture for the broader stock market in August, with the potential to either boost or reverse the recent rally. However, events did not play out as many had expected.
Nvidia Shares Fall On Unimpressive Guidance
Nvidia’s shares failed to rebound after a negative reaction in Wednesday’s post-market hours.
The Santa Clara, California-based company reported quarterly revenue of $30 billion, beating estimates of $28.86 billion, reflecting a 15% increase from the previous quarter and an impressive 122% year-over-year growth.
Net income reached $16.6 billion, up 12% from the prior quarter and a significant 168% increase compared to the same quarter last year. Earnings per share came in at 68 cents, surpassing the expected 64 cents.
Despite surpassing Wall Street’s revenue and earnings forecasts, Nvidia’s outlook failed to ...
