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Nvidia stock rallies after big earnings beat

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

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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