On February 01, NVIDIA Corp. (NVDA) stock continued its bullish trend to add a further 4.72% in the after-hours. While there is also an SEC filing by the company, the stock might be responding to the bright near-term future of the semiconductor industry.
During the regular trading session, NVDA oscillated between $238.90 and $251.45 at 51.89 million shares. The stock closed the session with a mild gain of 0.62% at $246.38. NVDA continued to gain in the after-hours, to reach a per-share value of $258.00.
The semiconductor company, NVIDIA Corp. manufactures graphic processors, chipsets, and related products/services. Currently, the company has a market capitalization of $612.15 billion.
What happened?
NVDA stock has been on a bullish path for the last few days. It seems like the recent movement of the stock might be because of the ongoing developments. Recently, Gartner research firm published a very positive image of the global semiconductor industry. While the industry crossed its $500 billion threshold for the first time in 2021, it is expected to grow even more. On the other hand, with the continued shortage of semiconductors worldwide, all is still not rainbows and sunshine. The shortage does cause a price hike for increasing profitability but it also results in increased costs due to raw material prices.
In addition, the company also posted the launch of support for GeForce RTX Laptop GPUs in the February Studio driver.
As a result of the ongoing developments, NVDA stock has increased by 10.37% in the last five days. While the stock stands at a year-to-date loss of 16.23%, it added 81.74% last year.
NVDA Company News
As per January 4’s announcement, the company unveiled over 160 gaming and Studio GeForce®-based laptop designs. Along with that the company also disclosed new desktop and laptop GeForce RTX® GPUs and technologies.
Additionally, NVDA has also announced new RTX-accelerated content along with GeForce NOW cloud gaming and NVIDIA Studio ecosystem expansion. This also includes the launching of the NVIDIA OmniverseTM launch for creators.
NVDA’s Financial Highlights
In the third quarter of fiscal 2022, the company generated record revenue of $7.10 billion, against $4.72 billion in the year-ago quarter. Thus, marking an increase of 50% year over year.
Furthermore, NVDA had non-GAAP earnings of $1.17 per diluted share in Q3 fiscal 2022, against $0.73 per diluted share in the year-ago quarter. Therefore, showing an increase of 60% year over year.