Chip manufacturer Nvidia has presented strong figures for the third quarter and exceeded all market expectations. Nevertheless, the share lost ground following the publication. However, analysts remain optimistic.
Nvidia pulverizes the market's expectationsAI and graphics chip manufacturer Nvidia ($487 | $NVDA) significantly exceeded the market's already high expectations in the third quarter of 2023, almost pulverizing them. Between July and the end of September, the company generated record sales of $18.12 billion. This is 34% more than in the previous quarter and 206% above the previous year's figure. Earnings per share of $4.02 were around a third higher than analysts' expectations. "Our strong growth reflects the industry's broad transition from general-purpose computing to accelerated computing and generative AI," said Jensen Huang, founder and CEO of NVIDIA.
Outlook well above estimatesThe outlook for the fourth quarter is also convincing: management expects sales of $20 billion (plus/minus 2%). This is $3 billion more than the average estimates of analysts. They were more than optimistic after the figures and outlook were announced. All major US banks recommend buying or overweighting the share in their portfolios. Goldman Sachs raised its target price from 605 to 625 $. JPMorgan issued a price target of $650 and Bank of America is a super bull and has presented a price ...
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