Nvidia profit doubles, and execs see ‘accelerated growth’ ahead despite supply-chain concerns – MarketWatch

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Nvidia Corp. provided a positive outlook despite the shortage of supplies Wednesday, following a double-digit increase in profits and recording sales during the quarter of Christmas.

Nvidia announced its fourth-quarter results in addition to sales, which beat expectations of analysts and gave positive forecast for the current quarter. The stock fell by about 2 percent in trading over the course of.

After the company’s earnings topped $3 billion and revenue soared to $7.5 billion, for the very first time since the holiday season, Nvidia NVDA, +1.43 percent executives said the company’s sales could exceed 8 billion, for the first time during the current period. Based “primarily” by data-center sales the company is forecasting revenue for the first quarter of fiscal year 2007 to be $7.94 billion to $8.26 billion, which is significantly higher than the $7.31 billion predicted on average by analysts polled by FactSet

In the call with analysts Colette Kress Nvidia’s chief financial officers stated that “there is expected to be accelerated growth as we move into Q1.”

Nvidia’s stock soared in 2021. However, it’s down around 10% to the end of this year. Investors are seeking safer investment options in an inflationary market.

Nvidia has seen an increase in sales in the cloud industry as enterprises and cloud providers are turning to its graphics processors, which can be used in artificial intelligence applications such as speech recognition and recommendation. Nvidia announced $3.26 billion in sales through its data center division, an increase of 71% per year.

In the last period, Nvidia announced that Facebook parent Meta will utilize its chips to conduct AI research, such as.

Gaming is Nvidia’s main market, with its most recent GeForce graphics processing units are perfect to play the most advanced computer games. The gaming industry grew by 37% over the past year to $3.42 billion, driven by GeForce sales Nvidia said.

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