Nvidia stock rallies after big earnings beat

Nvidia Corp. shares rallied in the extended session Thursday after the graphics chip maker reported earnings that topped Wall Street estimates by a healthy margin.

The company reported first-quarter net income of $394 million, or 64 cents a share, compared with $1.24 billion, or $1.98 a share, in the year-ago period. Adjusted earnings were 88 cents a share. Analysts surveyed by FactSet had forecast earnings of 58 cents a share. “Nvidia is back on an upward trajectory,” said Jensen Huang, Nvidia founder and chief executive, in a statement. “Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate.”

The PHLX Semiconductor Index SOX, -1.68% finished down 1.7% Thursday amid concerns about a U.S. ban on Huawei equipment, while the Dow Jones Industrial Average DJIA, +0.84% rose 0.8%, the S&P 500 index SPX, +0.89% gained 0.9%, and the tech-heavy Nasdaq Composite Index COMP, +0.97% advanced 1%.

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