From Nasdaq: 2024-05-23 16:18:00

Nvidia (NVDA) stock surged over +10% following Q1 results, boasting record high sales and EPS, beating estimates by 11% and 262% respectively. Sales guidance for the second quarter also impressed, with Nvidia expecting a 107% increase to $28 billion, well above expectations.

With over $30 billion in cash and equivalents, Nvidia is becoming a cash cow, with free cash flow soaring over 400% in Q1. The company also announced a 10-1 stock split and a 150% increase in dividends, returning $7.8 billion to shareholders in Q1.

Nvidia’s industry leadership in AI technology continues to drive growth, with the highly anticipated Blackwell series of GPUs expected to launch by year-end. The company’s clientele includes major tech giants like Amazon, Alphabet, Meta Platforms, Oracle, Tesla, and OpenAI.

In addition to its impressive financial results, Nvidia’s stock continues to be a top pick for investors following its Q1 report. With a Zacks Rank #1 (Strong Buy) and consistent earnings estimate revisions, the chip giant remains a compelling investment opportunity.



Read more at Nasdaq: 5 Reasons to Buy Nvidia’s (NVDA) Stock After Strong Q1 Results