Nvidia Posts Record Holiday Quarter, Core Business Grows 66%
Shares of Nvidia Corp. advanced nearly 0.3% in after-hour trading on Thursday after the company’s detailing fourth-quarter results showed record profit and revenue that exceeded expectations.
Chip maker Nvidia Corp reported net income of $655 million, or 99 cents a share, on sales of record $2.17 billion. Nvidia’s revenue rose 55%, surpassing analysts’ estimate for quarterly revenue of $2.1 billion. For the full year 2016, Nvidia recorded profit of $1.67 billion, which was nearly equal to the videogame-gear specialist’s earnings of the three previous years combined.
Nvidia’s core business, graphics processors for high-end videogame play, was reported to grow at the rate of 66% for the quarter and 44% for the full year.
For the current quarter, the company forecast revenue of $1.9 billion, plus or minus 2 percentage points, above market’s expectations calling for sales of $1.88 billion.
Buy Stop at 116.70, Take profit 120.00, Stop loss at 115.00