Cramer Weighs In On Nvidia Following Strong Q3 Results: 'Will It Be The First $10 Trillion Company?'

Jim Cramer raved about NVIDIA Corporation NVDA Wednesday night following the company's better-than-expected financial results.

What Happened: Nvidia reported quarterly adjusted earnings of $1.17 per share, which beat the estimate of $1.10 per share. The company reported quarterly revenue of $7.1 billion, which beat the estimate of $6.83 billion, representing a 50% increase year-over-year.

Nvidia said it expects fiscal fourth-quarter revenue of $7.4 billion, plus or minus 2%, versus the estimate of $6.86 billion.

Cramer's Take: Cramer was impressed by the results and highlighted the company's guidance in a letter to members of CNBC's "Investing Club."

"While the headline numbers were pretty great, they almost pale in comparison to the guidance management provided," Cramer said. 

He was most interested in what Nvidia CEO Jensen Huang had to say about the future. 

"As expected, the analysts wasted no time asking about Omniverse and what we heard was nothing short of incredible — and in our view, justifies the multiple expansion we’ve seen in recent weeks," Cramer said.

Cramer pointed to the revenue potential of what Huang referred to as the “Omniverse Avatar.” Nvidia has already built most of the technology required to make such a reality, according to Cramer.

"As incredible as the growth story at Nvidia has been to date, we are still in the very early innings," he said. "This was an incredible quarter that should serve to solidify the gains. The outlook is as bright as ever."

See Also: Nvidia Analyst Raises Price Target By 78%: 'Chipmaker Has Largest TAM Expansion Opportunity In All Of Tech'

Cramer followed up his earnings assessment with bullish commentary Thursday morning in another letter to members of the "Investing Club."

"Nvidia will be the next $1 trillion company ... the question is, will it be the first $10 trillion company?"

NVDA Price Action: Nvidia is making new all-time highs Thursday.

The stock was up 8.96% at $318.42 at time of publication Thursday morning.

Photo: Courtesy of Nvidia.