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Nvidia stock is soaring despite Wall Street’s bad week. Nvidia will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.
Nvidia reported earnings after the bell, on Wednesday, beating analysts’ estimates on the top and bottom lines. The following is what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings: $5.15 adjusted per share. That may not compare with the $4.64 adjusted per share expected.
Revenue: $22.10 billion. That may not compare with the $20.62 billion expected
Further details from Nvidia’s official website:
Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago
Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago
Record full-year revenue of $60.9 billion, up 126%
Under the leadership of billionaire CEO Jensen Huang, Nvidia has continued to dominate the IT sector, as seen by the company’s exponential growth in its quarterly earnings report. Sales for the company came in at $22.1 billion, 265% more than the previous quarter’s total and far more than the $20.4 billion average predicted by analysts. With a Q4 net income of $12.3 billion, the company had a 769% increase in profits, and its adjusted earnings per share of $5.16 exceeded $4.59 in projections. Since the quarter ending in October 2022, Nvidia has not failed consensus analyst profits projections; additionally, it has not missed revenue estimates since prior to 2020.
Sales of the company’s AI-heavy Datacenter sector soared by 409% year over year in Q4 to reach $18.4 billion from $3.6 billion. Nvidia is the hottest large stock in the US despite a recent fall in share price. Over the last 15 months, the company’s share price has soared from below $120 to nearly $700, increasing its market value from little over $300 billion to over $1.7 trillion.
The majority of Wall Street analysts are confident that Nvidia can meet expectations; average projections call for sales and profits to increase by at least 60% each in the upcoming fiscal year.
