For the fiscal 2021 fourth quarter ended Jan. 31, the Santa Clara, Calif., company reported adjusted earnings of $3.10 per share. Analysts surveyed by FactSet forecast the company would report earnings of $2.81 a share
Quarterly revenue reached $5 billion, up 61% from a year earlier. That beat the consensus estimate of $4.82 billion.
Nvidia recently traded $562.11, down 3.1%.
But it had doubled over the 12 months through Wednesday, as demand for products containing its chips has soared during the COVID pandemic.
Nvidia’s semiconductors are heavily used in competitive gaming, professional visualization and cryptocurrency mining.
As for the analysts, J.P. Morgan’s Harlan Sur raised his price target to $660 from $605 and affirmed his overweight rating. “We believe Nvidia continues to execute across all segments,” he wrote in a commentary.
“While the first half of the year is typically weaker than the second half, we expect solid demand in PC gaming to be a strong revenue driver for the company, offsetting PC original equipment manufacturing, which is in secular decline.”
Wedbush analyst Matt Bryson lifted his price target to $640 from $600, reiterating his outperform rating.
“We believe the only clear takeaway from the quarter/guide is that NVDA’s client graphics processing unit business is booming, adding incremental revenue and earnings per share generation through at least the near to intermediate term,” he wrote.
“We see minimal near-term risk to NVDA’s guidance.”