NVIDIA reports strong Q3 results with revenue increase and positive outlook for future growth.

From Nasdaq: 2024-11-22 15:05:00

NVIDIA reported Q3 results with a 94% increase in revenues to $35.1 billion and earnings per share of $0.81. Data center revenue rose to $30.8 billion, driven by demand for Superchips and Hopper chips. Blackwell chips are expected to boost AI throughput for companies like Microsoft and Meta Platforms.

NVIDIA stock trades at a price/earnings ratio of 51.7X forward earnings, less than the industry average of 59.6X. Despite initial dips post-earnings, the stock is trading above both short-term and long-term moving averages, indicating a bullish trend. NVIDIA’s financials, with a 55% net profit margin and 120.4% return on equity, remain strong.

Zacks ranks NVIDIA as a #1 Strong Buy, citing its consistent profitability and cost management. The company’s upcoming Blackwell chips and strong data center business outlook make it an enticing buy. NVIDIA’s success in the AI arms race positions it as a key player in the tech industry’s future growth and innovation.



Read more at Nasdaq: 3 Reasons Besides Q3 Data Center Success to Buy NVIDIA Stock