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Nvidia Stock: Graphics-Chip Maker Edges Second-Quarter Earnings Target 

Graphics-chip maker Nvidia (NVDA) late Wednesday edged Wall Street’s earnings target for its fiscal second quarter while sales easily cleared views. It also guided higher for the current quarter. Nvidia stock rose in extended trading.


The Santa Clara, Calif.-based company earned an adjusted $1.04 a share on sales of $6.51 billion in the quarter ended Aug. 1. Analysts expected Nvidia earnings of $1.02 a share on sales of $6.33 billion, according to FactSet. On a year-over-year basis, Nvidia earnings jumped 89% while sales surged 68%.

For the current quarter, Nvidia expects to generate sales of about $6.8 billion, up 44% year over year. It did not give a per-share earnings target. Wall Street had predicted Nvidia earnings of $1.05 a share on sales of $6.57 billion in the fiscal third quarter.

“Nvidia’s pioneering work in accelerated computing continues to advance graphics, scientific computing and AI,” Chief Executive Jensen Huang said in a news release.

Nvidia Stock Rises After Report

In after-hours trading on the stock market today, Nvidia stock advanced 2.4%, near 195. During the regular session Wednesday, shares fell 2.2% to 190.40.

Sales of video game graphics products soared 85% year over year to $3.06 billion in the second quarter. Gaming chips accounted for 47% of Nvidia’s revenue in the period.

Data center chip sales totaled $2.37 billion, up 35% year over year. The segment made up 36% of Nvidia’s total sales last quarter.

The rest of Nvidia’s revenue came from chips for professional visualization and automotive applications.

Nvidia Stock Nears Buy Point

Nvidia is on IBD’s Leaderboard watchlist as well as the IBD 50 and Big Cap 20 stock lists.

Over the past six weeks, Nvidia stock has formed a cup-with-handle base with a buy point of 207.43, according to IBD MarketSmith charts.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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