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Why Nvidia Stock Skyrocketed Higher on Thursday

TheMotleyFool

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Why Nvidia Stock Skyrocketed Higher on Thursday: https://g.foolcdn.com/editorial/images/733959/ai-artificial-intelligence-in-circle-on-keyboard.jpg

Shares of Nvidia (NASDAQ: NVDA) charged sharply higher Thursday, jumping as much as 26.4%. As of 10:30 a.m. ET, the stock was still up 25.2%.

The catalyst that sent the semiconductor giant higher was earnings results that were far better than expected and a forecast for a record-breaking quarter on the horizon.

For its fiscal 2024 first quarter (ended April 30), Nvidia generated revenue of $7.2 billion, down 13% year over year. This resulted in adjusted earnings per share (EPS) of $1.09, which declined 20%.

Source Fool.com