(hooly-news.com) – Nvidia fueled this Friday, gaining more than 8% to 293 dollars during the session, second best performance of the S&P index. 500 The graphics card manufacturer is buoyed by better-than-expected results and forecasts. In fact, its net profit in the fourth quarter of 2019 (ended January 26, 2020) jumped 68% to $ 950 million, or $ 1.53 per share. Excluding exceptional items, earnings per share stood at $ 1.89, 22 cents better than the FactSet consensus.
Revenues jumped 41% to $ 3.1 billion, exceeding expectations of 2.96 billion.
The group recorded a record turnover in its data center activity, and is pleased with the success of its ray tracing technology with gamers, one of its main targets. The quarterly dividend paid on March 20 will be $ 0.16.
In addition, in the first quarter, Nvidia expects on average revenues of $ 3 billion against $ 2.85 billion expected by the market. The group has reduced its estimates by $ 100 million to take into account the impact of the coronavirus.
After the announcement of these results and forecasts, the price target for Nvidia shares has been raised by several analysts: JPMorgan went from 237 to 305 dollars, Morgan Stanley from 259 dollars to 304, UBS from 300 dollars to 320 , and Oppenheimer from 300 to 350 dollars.
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