Nvidia Earnings Disappoint Despite Profit Surge: Key Market Updates
Nvidia shares fall 5.5% after earnings despite record revenue. Dow rises as markets digest corporate results. Get the latest on the stock market, Nvidia, and other top business stories.
Nvidia, the leading maker of chips used in video games and artificial intelligence, reported a jump in profit and record quarterly revenue. However, the blockbuster quarter was not enough to reassure the market, as Nvidia's stock fell 5.5% on Thursday afternoon, its biggest drop since April.
The disappointing investor reaction came despite Nvidia logging a 46% increase in revenue compared to the same period a year earlier. The company's data center business, which supplies chips for AI and machine learning, saw a 83% surge in sales. Nvidia's gaming division, which makes chips for PCs and consoles, also posted a healthy 31% revenue increase.
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