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Nvidia Shares Spike Higher Following Q4 Earnings Beat

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Nvidia Shares Spike Higher Following Q4 Earnings Beat

NVIDIA Corporation (NASDAQ: NVDA) shares are rising after reporting a fourth-quarter earnings beat.

Fourth-quarter earnings came in at 80 cents per share, beating estimates by 5 cents. Sales came in at $2.21 billion, beating estimates by $10 million.

The company issued weak first-quarter sales guidance and sees Q1 adj. gross margins 58.8-59 percent +/- 50 basis points.

"This was a turbulent close to what had been a great year," said Jensen Huang, founder and CEO of Nvidia. "The combination of post-crypto excess channel inventory and recent deteriorating end-market conditions drove a disappointing quarter.

"Despite this setback, NVIDIA's fundamental position and the markets we serve are strong. The accelerated computing platform we pioneered is central to some of world's most important and fastest growing industries – from artificial intelligence to autonomous vehicles to robotics. We fully expect to return to sustained growth."

Other Highlights

  • Quarterly revenue of $2.21 billion, down 24 percent from a year ago
  • Record full-year revenue of $11.72 billion, up 21 percent from a year ago
  • Record full-year revenue from Gaming, Datacenter, Professional Visualization and Automotive

Nvidia shares traded higher by 9 percent at $168.55 in the after-hours session.

Related Links:

Bernstein Downgrades 'Hamstrung' Nvidia

Nvidia Cuts Q4 Sales Guidance, Chips Stocks Tumble

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