Nvidia becomes the fifth most valuable US company by market value after shares jump 25% on earnings and guidance

Ahead of the after-hours move, Nvidia shares have already doubled this year, rising 113% so far.

Nvidia Corporation, which is among the world’s largest semiconductor makers, forecast current-quarter sales of around $11 billion with a variance of plus or minus 2%, sending shares up 25% in post-market exchanges.

The artificial intelligence boom has helped Nvidia become the fifth most valuable US company by market value.

The forecast of $11 billion was 50% higher than Wall Street’s estimate of $7.15 billion. The company also reported strong profit growth for the first quarter of fiscal 2024. It reported revenue of $7.19 billion for the quarter, as analysts worked with the figure of 6, $52 billion. Earnings per share at $1.09 also beat consensus expectations of $0.92.


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