Nvidia's mixed earnings spark optimism: It's 'easier to suggest that the bottom for numbers is likely in'

Nvidia Corp. has experienced a fall from grace in the past year as its market value has plunged by more than half from a peak of $834 billion last November, but some analysts see the potential for better times ahead coming out of the company’s latest earnings report.

As a result, Summit Insights analyst Kinngai Chan upgraded Nvidia to a buy rating from a hold as he sees tailwinds for the chip maker in 2023 following the report. Read: Nvidia earnings chopped in half, but tweaked servers to China offset earlier $400 million warning “And from here we now have several product cycles to look forward to with initial signs positive in both gaming and datacenter, with strong initial uptake of new Ada Lovelace parts and the Hopper launch now kicking off .”

Still, resiliency in the data-center business and product cycles suggested continued outperformance amid fears that cloud spending is slowing, Muse said. Nvidia reported revenue of $5.93 billion, coming close to the $5.57 billion Advanced Micro Devices Inc. AMD, +1.00% reported for its third quarter. The last time AMD topped Nvidia in quarterly revenue was the third quarter of 2014, when AMD reported sales of $1.43 billion and Nvidia reported $1.23 billion, according to FactSet data.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

This record number in Nvidia earnings is a scary sightNvidia Corp.'s financial results had a bit of a surprise for investors, and not on the good side -- product inventories doubled to a record high as the chip... Run! Check those year over year numbers! Also much of the video cards was for mining! Wait for Metaverse uptake and watch those cards fly off the shelves !
Source: MarketWatch - 🏆 3. / 97 Read more »

Nvidia earnings chopped in half, but tweaked servers to China offset earlier $400 million warningNvidia reported third-quarter net income of $680 million, or 27 cents a share, compared with $2.46 billion, or 97 cents a share, in the year-ago period. $NVDA rose after hours – as its earnings topped Wall Street revenue estimates: This is strong! Rallying on way weaker numbers! Idc just tell me if I can afford a gpu without selling my house 'Earnings topped Wall Street revenue estimates' This tweet makes no sense whatsoever
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves after hours: Cisco, Bath & Body Works, Nvidia and moreThese are the stocks posting the largest moves in post-market trading.
Source: CNBC - 🏆 12. / 72 Read more »