Nvidia declares $50 billion share buyback
The semiconductor business gave less optimistic guidance for the current quarter.
Nvidia released earnings that exceeded market expectations, however, the semiconductor business gave less optimistic guidance for the current quarter.
Wall Street sets higher expectations after every success, making it harder for the semiconductor company to beat estimates. LSEG data indicates that the company predicted third-quarter revenue of $32.5 billion, against $31.77 billion by analysts.
The tech behemoth declared that $50 billion in share buybacks were approved. Profits per share: adjusted to 68 cents from 64 cents as predicted by LSEG. Revenue: $30.04 billion as opposed to LSEG’s projected $28.07 billion.
The company dropped by 2% in extended trading. Since the beginning of the year, the value of Nvidia’s stock has increased by over 100%. Nvidia’s share price increase of more than seven times during the previous two years positioned the chipmaker as one of the major winners from the spike in artificial intelligence stocks, investors had high expectations for the company.
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