NVIDIA Corp NVDA on Wednesday announced better-than-expected fourth-quarter results and issued strong guidance. Still, the stock is trading lower by 7% Thursday morning.
What Happened: Nvidia said quarterly revenue increased 53% year-over-year to $7.64 billion, which beat the $7.42 billion estimate. The company reported adjusted earnings of $1.32 per share, which beat the estimate of $1.22 per share.
"We are seeing exceptional demand for Nvidia computing platforms,” said Jensen Huang, founder and CEO of Nvidia.
Nvidia expects first-quarter revenue to reach $8.1 billion, plus or minus 2%, versus the $7.29 billion estimate.
Cramer's Take: "I thought Nvidia's call was actually as great as it gets," Jim Cramer said Thursday on CNBC's "Squawk Box."
He highlighted the "unbelievable demand" the company has in each of its business segments.
"Their omniverse product is extraordinary, they've got great auto coming, the gaming is just unheralded — there's nobody better," Cramer said. "They dominate in the data center. I don't know how you could be doing better."
See Also: Nvidia Aims To Transform The Auto Industry: Why Jim Cramer Is Telling Competitors To Pay Attention
Nvidia announced it will hold its 2022 Investor Day on March 22, beginning at 1 p.m. ET.
Following the Investor Day presentation, Cramer said "companies like Pfizer and Disney are going to be talking about how important the work they do is."
He suggested Nvidia shares may be trading lower today simply because it's a high-multiple stock.
NVDA Price Action: Nvidia has traded as low as $115.66 and as high as $346.47 over a 52-week period.
The stock was down 7.2% at $245.92.
Photo: courtesy of Nvidia.
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