On Wednesday, Nvidia released its first-quarter financial results for its fiscal 2024, and a stronger-than-anticipated prediction caused shares to rise 26% in extended trading.For the current quarter, Nvidia projected sales of around $11 billion, plus or minus 2%, which is more than 50% more than Wall Street expectations of $7.15 billion.
Prior to the after-hours action, Nvidia stock had increased by 109% thus far in 2023, primarily as a result of optimism brought on by the company’s dominant position in the artificial intelligence chip market. Nvidia CEO Jensen Huang claimed that the business was experiencing “surging demand” for its products used in data centres.
Earnings for the first quarter of Nvidia’s fiscal year 2024, reported on Wednesday, substantially exceeded those anticipated by Wall Street.Even if the chipmaker’s forecast for the current quarter was excellent, the strong results nonetheless caused shares to reach a new all-time high in after-hours trading.