NVIDIA Stock Surges Following Positive Earnings Report

Strong Demand for Gaming and Data Center Products Drives Gains

May 20, 2023 4:38:08 AM GMT-4 USD NASDAQ

Shares of NVIDIA Corporation (NVDA) soared on Friday after the company released a strong quarterly earnings report. The stock closed up 6.4%, reaching an intraday high of 225.20.

NVIDIA reported record revenue of $8.29 billion, an increase of 43% year-over-year. This revenue growth was primarily driven by strong demand for the company's gaming and data center products. Gaming revenue increased by 56% to $3.62 billion, while data center revenue rose 71% to $3.75 billion.

The company also posted strong earnings per share (EPS) of $1.36, an increase of 52% year-over-year. This beat analysts' expectations of $1.25 EPS.

NVIDIA's positive earnings report is a sign of the company's continued strength in the semiconductor industry. The company's focus on artificial intelligence (AI) and machine learning (ML) technologies is well-positioned to capitalize on the growing demand for these technologies in various industries.