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Stocks Of Nvidia Are Close To All-Time Highs As Earnings Approach

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Nvidia CEO Jensen Huang during the GTC Artificial Intelligence Conference at SAP Center on March 18, 2024 in San Jose, California.Photo: Justin Sullivan (Getty Images)

(CTN News) – Announcing its earnings the following week, Nvidia is on track to reach a new record high as it prepares to release its first-quarter results.

This is being done in anticipation of the company’s earnings report. The chipmaker’s shares reached $953.83 by the time trading began on Thursday morning, a 0.8% increase over their previous closing price.

NVIDIA’S STOCK REACHED A FORMER RECORD HIGH CLOSE PRICE OF $950.02 on March 25, marking the highest price ever recorded for the firm. This was the highest price ever recorded for the company.

FactSet conducted a survey of analysts’ forecasts, and the results indicated that Wall Street had already established its expectations for the company’s first quarter revenue at $24.5 billion. This results imply that Wall Street had already established its expectations.

This action was taken in preparation for the earnings report for the first quarter that was scheduled to be released by Nvidia on the Wednesday that followed. According to John Vinh, an equities research analyst at KeyBanc,

Nvidia is anticipated to report sales for the first quarter of $26 billion,

The company has established its guidance for the second quarter to be somewhere in the vicinity of $28.5 billion.

In contrast to the previous announcement, which suggested that Nvidia might disclose revenue for the second quarter of $28.5 billion, this remark indicates that Nvidia has increased its revenue.

In a research note that was released on Tuesday, Vinh indicated that “despite anticipation of next-generation Blackwell GPUs [graphics-processing units] in the second half, we see little signals of a market halt and expect Nvidia to announce first-quarter results and second-quarter guidance materially above expectations.”

Based on Vinh’s information, it was anticipated that Nvidia would announce their results for the first quarter as well as their forecast for the second quarter.

A proxy statement that was presented on Tuesday implies that a record-high share price would also be advantageous for Jensen Huang, who serves as the chief executive officer of Nvidia.

This statement was submitted in response to that declaration. After receiving $21.4 million for his total compensation in the fiscal year 2023, Huang received $34.2 million in total remuneration for the fiscal year 2024. This represents a sixty percent increase over the amount that Huang received in the previous term.

There is a gain of sixty percent represented by this. Since Huang’s basic income has been lingering just below one million dollars for the past three years, stock awards have played a significant role in the rise of his remuneration. This is because of the fact that Huang’s basic income has been hovering around that amount.

Huang’s stock awards increased to $26.7 million for the fiscal year 2024, which is a significant increase from the $19.7 million that he was awarded during the fiscal year 2023 he was given. A comparison to the sum from the prior year reveals that this is an increase.

More than 99% of Nvidia’s stock has grown so far this year, following a surge in the business’s shares that began after the company disclosed its earnings for the fourth quarter in February.

This growth has occurred since the beginning of the year. Following the announcement of the company’s earnings, this accomplishment was accomplished. Once the company announced revenue of $22 billion, which is more than 270% higher than the number for the previous year, the stock of the company rebounded from the decline that occurred immediately before to the presentation of earnings.

The decline occurred immediately before the earnings were presented. The value of the stock has increased by an astounding 226% over the course of the preceding year, which is a very remarkable achievement.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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