$NVIDIA Corp(NVDA.US)$ shares traded higher compared with the broader market Thursday as more than half the analysts who cover the chip maker hiked their price targets following the company's strong quarter and outlook based upon data-center gains.
Earnings Highlights
$NVIDIA Corp(NVDA.US)$ reported a second-quarter net income of $2.37 billion, or 94 cents a share, compared with $622 million, or 25 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.04 a share, compared with 55 cents a share in the year-ago period. Revenue soared to a record $6.51 billion, up 68% from $3.87 billion in the year-ago quarter.
Analysts had estimated adjusted earnings of $1.02 a share on revenue of $6.33 billion. Back in May, Nvidia had forecast revenue between $6.17 billion and $6.43 billion. In the second quarter, gaming sales surged 85% to a record $3.05 billion, surpassing last quarter's previous high mark of $2.76 billion, while analysts surveyed by FactSet had expected Nvidia gaming sales of $2.98 billion.
