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NVIDIA Corporation (NASDAQ: NVDA) reported its latest financial results after the market close in the US on Wednesday.
The US technology giant beat revenue estimates but fell short of earnings per share (EPS) expectations for the quarter.
The company reported revenue of $5.931 billion (down by 17% year-over-year) vs. $5.781 billion estimate.
EPS reported at $0.58 per share (down by 50% year-over-year) vs. $0.70 per share.
”We are quickly adapting to the macro environment, correcting inventory levels, and paving the way for new products,” founder and CEO of NVIDIA, Jensen Huang said after posting the latest results.
”NVIDIA’s pioneering work in accelerated computing is more vital than ever. Limited by physics, general purpose computing has slowed to a crawl, just as AI demands more computing. Accelerated computing lets companies achieve orders-of-magnitude increases in productivity while saving money and the environment,” Huang added.
NVIDIA expects revenue of around $6 billion in Q4.
The stock was down by 4.54% on Wednesday at $159.09. The share price rose by around 2% in after-hours following the results.
NVIDIA price targets
NVIDIA is the 14th largest company in the world with a market cap of $400.98 billion.
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Sources: NVIDIA Corporation, TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
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