NVIDIA (NVDA) stock hits all-time high on bullish Q2 2024 forecast
NVIDIA's stock hit as high as $390 per share in after-hours trading following report of its Q1 2024 earnings results and Q2 guidance.
There was good news for NVIDIA today as the company was the latest to report on its latest fiscal quarter. NVIDIA got off to a good start at the end of Q1 2024, putting up beats on revenue and earnings-per-share (EPS) expectations versus analyst estimates. However, arguably the biggest news could be found in NVIDIA’s guidance for Q2 2024. The company forecasted revenue for Q2 2024 well above analyst expectations and the stock jumped heavily in value on the forecast in after-hours trading.
NVIDIA put out its Q1 2024 earnings results on its investor relations website on May 24, 2023. According to the results, NVIDIA posted beats on both revenue and EPS. Previously, however, NVDIA had not provided guidance on its upcoming quarters or fiscal year. That changed with today’s reporting, and where analysts estimated a revenue outlook for NVIDIA’s Q2 2024 of around $7.2 billion USD, NVIDIA instead forecasted a revenue of $11 billion, more than 50 percent over expectations.
This optimistic outlook had NVIDIA’s stock raising sharply in after-hours trading. Where the market closed with NVIDIA shares at a value of $305.38 per share, the stock reached highs of over $390 after the news dropped.
NVIDIA seems more than confident in the future of its technology and products despite the slowing of hardware sales following the pandemic. The company has gone whole hog on investment and development in AI technologies with this year’s NVIDIA GTC presentation almost entirely focused on AI tech and partnerships.
It was a winning day for NVIDIA shareholders. As we watch for what comes next from the tech company, stay tuned for further updates here at Shacknews.
TJ Denzer posted a new article, NVIDIA (NVDA) stock hits all-time high on bullish Q2 2024 forecast