Longs Positions Bet on NVIDIA after Outperforming Q2 Result and Promising Q3 Guidance

Graphics card maker NVIDIA Corporation released better-than-expected second quarter results after the bell on Thursday and issued a promising forecast, with growth was seen in all of its four platforms. The CA-based company reported Q2 40 cents a share on $1.43 billion revenues, marking 24% year-over-year growth — the fastest pace in nearly five years. The reports beat estimates of $1.35 billion on the top line and earnings of 37 cents a share. All four platforms namely Gaming, Professional Visualization, Datacenter and Automotive saw growth.

The graphics-chip specialist provided Q3 guidance in the range of $1.65 to $1.71 billion, which would easily top analysts’ view of $1.45 billion. Nvidia hit an all-time intraday high of $59.95 before closing at $59.70, gaining 2%. In late trading after the earnings report was released, shares recorded new high at $62.30.

Trade suggestion

Buy Stop at 62.30, Take profit at 63.50, Stop loss at 60.00

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