- Nvidia’s latest financial earnings displayed another set of impressive results.
- The company now holds the record for the biggest stock market contribution to Wall Street in a single day.
- It added $277 billion to the market yesterday.
Nvidia’s latest financial results saw the company soaring to new heights yet again. Following the announcement of over 100 million RTX users and record profits, the tech giant’s stock value rose by around 16%.
With the stock capping out at $785.38 during its peak, this company became the biggest contributor to Wall Street in a single day. For this record, Nvidia added a total of $277 billion to the stock market.
Why it matters: Nvidia saw similar results in past quarters after strong data center sales. Graphics cards like the H100 were primarily responsible for these results, with 500K being sold in a single quarter.
NVIDIA FY 2024:
Revenue of $61B, +126%.
Operating income of $33B, +681%.Data Center sales up 217%.
Gaming sales rose 15% past $10B.
RTX has over 100M users.This report is full of absurd, all-time high numbers for what's now of the world's largest & most integral companies. pic.twitter.com/3wUAIeEzpJ
— Dom (@DomsPlaying) February 21, 2024
Following its latest earnings report, Nvidia confirmed that operating income grew by nearly 700%. First introduced in 2018, the RTX brand has also grown considerably in the short period of six years.
Reuters reports that the $277 billion figure comfortably eclipsed the previous single-day record for Wall Street. Meta previously boasted this milestone after achieving around $196 billion earlier this month.
Not too long ago, Nvidia pulled ahead of Amazon and Apple in terms of value. The new record has put it in front of Amazon again, making it the US market’s third most valuable company.
Meanwhile, Microsoft and Apple maintain a strong hold over the top two positions.
These figures were driven by Nvidia’s exceptional quarterly earnings results.
The company boasted profits in every segment of its business. Despite the criticism over recent releases like the GeForce RTX 40 Super series, the gaming business also grew by 15%.
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[News Reporter]
Avinash is currently pursuing a Business degree in Australia. For more than three years, he has been working as a gaming journalist, utilizing his writing skills and love for gaming to report on the latest updates in the industry. Avinash loves to play action games like Devil May Cry and has also been mentioned on highly regarded websites, such as IGN, GamesRadar, GameRant, Dualshockers, CBR, and Gamespot.
