NVIDIA Shares Surge 10% After Strong Earnings Beat

Earnings per share soar in Q3, revenue up 26%

Impressive performance drives stock to record high

NVIDIA Corporation (NASDAQ: NVDA) reported stellar financial results for the third quarter of fiscal 2024, sending its stock price soaring by over 10% in after-hours trading.

The chipmaker reported earnings per share (EPS) of $612, easily surpassing analyst expectations of $593. Revenue for the three-month period reached $26 billion, a 26% increase year-over-year.

NVIDIA's strong performance was driven by robust demand for its gaming, data center, and automotive products. The company highlighted the success of its latest RTX 40 series graphics cards, which have been well-received by gamers and content creators.

In addition to its financial success, NVIDIA also announced an increase in its quarterly cash dividend to $0.01 per share on a post-split basis. This marks a 150% increase from the previous dividend of $0.00625.

Analysts praised NVIDIA's results, with several raising their price targets for the stock. Credit Suisse analyst John Pitzer said, "NVIDIA continues to execute exceptionally well, with strong demand across all its end markets. We believe the company is well-positioned for continued growth in the coming years."

The strong earnings report and positive analyst commentary have boosted investor confidence in NVIDIA. The stock is now trading at an all-time high, reflecting the company's dominant position in the semiconductor industry and its promising growth prospects.