It would be an understatement to say that Nvidia (NASDAQ: NVDA) crushed Wall Street's expectations with its outstanding guidance when it released its fiscal 2024 first-quarter results for the three months ended April 30 on May 24. The next day, shares of the graphics card specialist surged nearly 25% as investors were wowed by its eye-popping guidance.
The latest surge has brought Nvidia's year-to-date gains to a whopping 166%, which leads to the question of whether it is too late for investors to buy this high-flying semiconductor stock. But before trying to answer that question, let's see why the market rewarded Nvidia so handsomely after its latest quarterly report.
Nvidia's Q1 2024 revenue came in at $7.2 billion, down 13% over the prior-year period. That number was ahead of the company's original guidance of $6.5 billion by a huge margin. Interestingly, Nvidia's adjusted earnings shot up 28% over the prior-year period to $0.82 per share last quarter.
Source Fool.com