Nvidia could be looking to join the $1 trillion club after surpassing the $800 billion mark earlier today.
Nvidia Reports Better-Than-Expected Earnings
The shares of Nvidia have been rallying since the company reported its third-quarter fiscal earnings earlier today. The company’s earnings surpassed analysts’ estimates, and the stock is up by more than 8% at press time.
The revenue in the third quarter was $7.1 billion, surpassing the $6.82 billion estimated by Wall Street analysts. Furthermore, the earnings per share were $1.17, which is above the $1.11 expected by analysts.
Nvidia’s earnings per share were up by more than 60% year-over-year, while the revenue is up by more than 50% from the same period last year. Following the recent stock rally, Nvidia’s market cap surpassed the $800 billion mark earlier today.
Nvidia has been outperforming most of the stocks in the chip manufacturing sector. The company reported $2.9 billion in data center sales, up 55% from the year-ago quarter. According to CEO Colette Kress, Nvidia’s chips have gained massive usage in the artificial intelligence space.
NVDA stock chart. Source: FXEMPIRENvidia Could Be the Next Trillion-Dollar Company
Nvidia’s market cap rose past the $800 billion mark after the company reported its third-quarter earnings. According to CNBC’s Jim Kramer, Nvidia could be set to be the next trillion-dollar club. The chip manufacturer could join giants such as Tesla, Apple, Amazon and Microsoft in this category.
The chip manufacturer is one of the best-performing companies in the tech sector. Since the start of the year, NVDA has added more than 140% to its value. At press time, NVDA is trading at $315 per share.
If the stock continues with its recent performance, it could rally past the $350 level before the end of the year. This could see its market cap close in on the $1 trillion mark over the coming weeks and months.
This article was originally posted on FX Empire
More From FXEMPIRE:
Silver Price Prediction – Prices Slip Trading in a Sideways Range
Gold Price Prediction – Prices Slip Despite a Slide in the Dollar
The Vanguard LargeCap ETF Could Top $230 Soon
North Dakota Oil Town Goes Crypto at Airport
S&P 500 Price Forecast – Quiet Day on Wall Street
Gold Price Forecast – Gold Markets Continue to Build Flag