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Technology Stocks : NVIDIA Corporation (NVDA)

NVDA 176.99

-1.8%

12:59 PM EST

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From: Frank Sully	8/23/2021 5:46:25 PM
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Nvidia Stock Hits Record on Post-Earnings Surge Nvidia continues to climb following last week's second-quarter earnings beat. Rob Lenihan Nvidia ( NVDA) shares on Monday surged to a record, propelled by the semiconductor giant's strong earnings results reported last week.Shares of the Santa Clara, Calif., company climbed 5.4% to $219.52 at last check. Last week, Nvidia reported fiscal- second-quarter earnings per share nearly quadrupled on 68% higher revenue. The company earned 94 cents a share compared with 25 cents in the year-earlier quarter. The latest adjusted earnings were $1.04 a share, up 89% from a year earlier. Revenue was $6.51 billion compared with $3.87 billion a year earlier. A survey of analysts by FactSet was looking for GAAP earnings of 83 cents a share, or an adjusted $1.02 a share, on revenue of $6.33 billion. Gaming revenue in the quarter was $3.06 billion, up 85% from a year earlier and accounting for 47% of total revenue. TheStreet's Jim Cramer said that the gaming cycle and developments in the metaverse present major tailwinds to the company going forward . "The more and more games that are created, the more you want to own this [stock]," Cramer said. "It was a remarkable quarter in a series of remarkable quarters. ... If people listen they will recognize why you pay such a high multiple for such a great company." Meanwhile, the U.K.'s Competition and Markets Authority said last week that Nvidia's planned takeover of chipmaker Arm Ltd. raised "serious competition concerns" and called for an in-depth investigation into the $40 billion deal. The authority said that even though Nvidia has offered remedies that would alleviate some of its concerns, it nonetheless called for a Phase 2 investigation that could delay the proposed transaction for several more months. Nvidia is a holding in Jim Cramer's Action Alerts PLUS member club. thestreet.com

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