Nvidia earnings beat, shares fall

Published On Aug 28, 2024, 4:41 PM

Nvidia's stock fell by over 1% following the company's announcement of significantly better-than-expected earnings for the second quarter. Despite reporting a revenue of $30 billion and adjusting earnings per share of $0.68, which surpassed analyst expectations, the stock declined, likely due to immediate market reactions. Nvidia's revenue from its data center business was particularly strong, contributing $26.3 billion, which is a 154% increase year-over-year. The company is optimistic about future revenue driven by its upcoming Blackwell chip, with production starting soon. Nvidia also announced a substantial increase in its share buyback program, raising it by $50 billion. Overall, the company remains a leader in the AI chip market with strong ties to major tech firms.

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Stock Forecasts

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Positive

Given Nvidia's robust second-quarter earnings and future revenue projections with the Blackwell chip, the longer-term outlook appears positive. The market reaction, however, may reflect short-term profit-taking despite solid fundamentals. Investors should consider that current demand for AI technology can support Nvidia's growth trajectory.

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