Graphics chipmaker Nvidia Corporation (NASDAQ: NVDA) on Wednesday reported a sharp increase in third-quarter earnings, which also surpassed the market’s projection. However, shares of the company dropped during the extended trading session, immediately following the announcement.
Adjusted profit climbed to $2.91 per share in the third quarter from $1.78 per share last year. Net earnings moved up to $2.12 per share from $1.45 per share in the same period of 2020. The bottom-line topped the Street view.
Revenue rose 57% annually to $4.73 billion during the three-month period and came in above the market’s prediction.
The company’s stock closed Wednesday’s trading higher but lost momentum during the after-hours session. The stock’s value more than doubled in the past twelve months.
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