Nvidia’s (NVDA) stock price is rocketing higher Thursday following its impressive Q3 earnings report on Wednesday. Shares of the chip maker were up nearly 10% at the open, after the company revealed a quarterly revenue jump of 50% year-over-year on the back of strong performances by its data center and gaming businesses.
Nvidia’s data center arm has been a boon for the firm, helping to power its stock price up 124% year-over-year at the close of trading on Wednesday. And the company’s earnings report only buoyed investor confidence in the business, which saw record revenue of $2.94 billion in the prior quarter, a 55% year-over-year increase.
Not to be out done, Nvidia’s gaming business also brought in record revenue of $3.22 billion, a 42% year-over-year increase.
The earnings report comes just a week after Nvidia CEO Jensen Huang hosted the company’s GTC 2021 conference, where it debuted new hardware and software related to its metaverse platform, called Omniverse, its self-driving vehicle initiatives, and its artificial intelligence work.
Nvidia stock soars after blowout earnings, metaverse advances
Daniel Howley·Technology Editor
Fri, November 19, 2021, 12:18 AM
https://finance.yahoo.com/news/nvidia-stock-soars-after-blowout-earnings-metaverse-advances-151833818.html
Nvidia’s (NVDA) stock price is rocketing higher Thursday following its impressive Q3 earnings report on Wednesday. Shares of the chip maker were up nearly 10% at the open, after the company revealed a quarterly revenue jump of 50% year-over-year on the back of strong performances by its data center and gaming businesses.
Nvidia’s data center arm has been a boon for the firm, helping to power its stock price up 124% year-over-year at the close of trading on Wednesday. And the company’s earnings report only buoyed investor confidence in the business, which saw record revenue of $2.94 billion in the prior quarter, a 55% year-over-year increase.
Not to be out done, Nvidia’s gaming business also brought in record revenue of $3.22 billion, a 42% year-over-year increase.
The earnings report comes just a week after Nvidia CEO Jensen Huang hosted the company’s GTC 2021 conference, where it debuted new hardware and software related to its metaverse platform, called Omniverse, its self-driving vehicle initiatives, and its artificial intelligence work.