23rd February 2024
February 21, 2024, marked a significant milestone for Nvidia as the company unveiled financial results that surpassed all market expectations. Investors, analysts, and technology enthusiasts turned their attention to this artificial intelligence giant, quickly realizing the reason for such anticipation.
In its fourth quarter of the fiscal year, Nvidia reported impressive revenues totaling $22.103 billion. This result significantly exceeded analysts’ estimates, with projected revenues of around $20.550 billion. But that’s not all; earnings per share exceeded expectations, reaching $5.16, compared to the expected $4.61. To illustrate the company’s growth and the benefits for its shareholders, for the same quarter in 2023, the artificial intelligence technology firm reported earnings per share of $0.57.
The news of Nvidia’s impressive financial results prompted an immediate market reaction. After-market close, the company’s shares recovered the day and week’s losses and surged more than 7%, reaching the $725.00 zone compared to the $680 at the session’s opening. This substantial increase in the value of the shares reflects the market’s confidence in Nvidia’s future.
Nvidia’s growth expectations continue to be impressive. The company projects its revenues to reach $24.000 billion and operating expenses to be approximately $3.500 billion. These projections are even more ambitious than the market initially expected, demonstrating the company’s confidence in its ability to continue leading the artificial intelligence and cutting-edge technology market.
Nvidia has solidified its position as the undisputed leader in artificial intelligence. Its microprocessors are considered the most powerful in the market, and demand for its products continues to grow exponentially, driven by the increasing needs associated with generative artificial intelligence. This growing global demand has significantly contributed to Nvidia’s rapid growth in value and its rise as one of the world’s most valuable companies.
From February 23, 2023, to February 21, 2024, Nvidia’s shares have experienced an exponential increase of over 200%, rising from $230 to $725.00 after the post-market. This impressive growth has positioned Nvidia as the third-largest capitalized company in the world, surpassing tech giants like Amazon and Alphabet. With such solid performance and promising prospects, Nvidia continues to lead the way in the exciting world of technology and artificial intelligence, inspiring both its shareholders and the industry.