Graphics-chip maker Nvidia (NVDA) late Wednesday beat Wall Street’s estimates for its fiscal fourth quarter and guided higher for the current period. NVDA stock jumped in extended trading.
The Santa Clara, Calif.-based company earned an adjusted 88 cents a share on sales of $6.05 billion for the quarter ended Jan. 29. Analysts polled by FactSet had predicted Nvidia earnings of 81 cents a share on sales of $6.02 billion. On a year-over-year basis, Nvidia earnings dropped 33% while sales sank 21%.
Gaming chip sales remained weak in the fourth quarter, falling 46% year over year to $1.83 billion. However, data center chip sales rose 11% to $3.62 billion, fueled by cloud service providers investing in artificial intelligence technology.
In Nvidia’s smaller business segments, professional visualization sales plummeted 65% to $226 million while automotive and embedded sales surged 135% to a record $294 million.
NVDA Stock Jumps On Upbeat Report
For the current quarter, Nvidia forecast sales of $6.5 billion, down 22% from the same quarter last year. But that topped Wall Street’s target of $6.31 billion for the first quarter.
In after-hours trading on the stock market today, NVDA stock jumped 7.1% to 222.18. During the regular session Wednesday, NVDA stock rose 0.5% to close at 207.54.
“AI is at an inflection point, setting up for broad adoption reaching into every industry,” Chief Executive Jensen Huang said in a news release. “From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.”
He added, “We are set to help customers take advantage of breakthroughs in generative AI and large language models. Our new AI supercomputer, with H100 and its Transformer Engine and Quantum-2 networking fabric, is in full production.”
Meanwhile, the gaming chip market is recovering from a post-pandemic downturn, Huang said.
Nvidia Stock Ranks Ninth In Group
NVDA stock ranks ninth out of 34 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 85 out of 99.
IBD’s Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock’s strengths. The best growth stocks have a Composite Rating of 90 or better.
OVERVIEW
OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!
OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.
The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.
OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.
The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….
The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.
The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.
Download App Now – https://r.onmyway.com
Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com
OnMyWay is the Only Texting and Driving Solution That Pays
Trusted and 
By Millions of OnMyWay Mobile App Users