Is Nvidia Stock a Buy Now?
Nvidia's (NASDAQ: NVDA) stock skyrocketed 24% on May 25 after the chipmaker posted its latest earnings report. For the first quarter of fiscal 2024, which ended on April 30, its revenue fell 13% year over year to $7.19 billion but exceeded analysts' estimates by $670 million. Its adjusted net income declined 21% to $2.71 billion, or $1.09 per share, but still comfortably cleared the consensus forecast by $0.17.
Nvidia still faces a lot of near-term headwinds, but its sequential growth and strong outlook for the second quarter suggest it has reached its cyclical trough. Let's see if Nvidia's stock is still worth buying after its massive post-earnings rally.
Nvidia CEO Jensen Huang with his company's RTX 4090 GPU. Image source: Nvidia.
Source Fool.com
