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- Shares of Nvidia surged 8% in after-hours trading on Thursday after the company reported quarterly earnings that topped analysts’ expectations on the top and bottom lines.
- The results come after Nvidia lowered its guidance last month for the fourth quarter of fiscal year 2019, citing deteriorating macroeconomic conditions, particularly in China.
- After a meteoric rise to an all-time high last October, Nvidia’s stock has now fallen 47% since that record.
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Shares of semiconductor manufacturer Nvidia surged 8% in after-hours trading on Thursday after the company reported quarterly earnings that topped analysts’ expectations on the top and bottom lines.
Here’s what Nvidia reported for its fourth-quarter 2019 results, compared to what analysts surveyed by Bloomberg expected:
- Revenue: $2.21 billion vs. $2.20 billion expected.
- Adjusted earnings per share: $0.80 vs. $0.78 expected.
Nvidia reported record full-year revenue of $11.72 billion. More granularly, it reported full-year revenue from gaming, datacenter, professional visualization and automotive segments.
“We fully expect to return to sustained growth,” Jensen Huang, the company’s CEO, said in its earnings release.
The Santa Clara, California-based company announced late last month that it was lowering its quarterly guidance for what turned out to be “an extraordinary, unusually turbulent, and disappointing quarter.”
Huang warned investors last month that declining macroeconomic conditions, particularly in China, impacted gaming graphics processing unit demand; the announcement sent shares plunging.
“Negative pre-announcement and Intel/AMD guidance sets a very low bar into this print,” said Christopher Rolland, an analyst at Susquehanna, in a note to clients on Wednesday. He reiterated his bullish $170 price target and positive rating.
Last quarter, Nvidia shares tumbled by 15% after the company fell short of analysts’ expectations for both earnings and revenue.
Nvidia shares have fallen 47% from their record high last October, though have climbed 16% so far this year.
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