Shares of NVIDIA Corporation (NASDAQ:NVDA)surged more than 12% reaching new 52 week highs after the tech manufacturer released earnings Thursday after market closed. The company reported earnings of 46 cents a share on revenue of $1.3 billion, above analysts’ expectations of 0.31 in EPS on revenue of $1.27 billion.
Nvidia started as a PC graphic chip maker, but since the growth PC is stalling the company has successfully managed to shift its focus towards new innovative tech, like graphics-enhanced data center computing, deep learning, and car computing.
Co-founder and CEO of NVIDIA, said, “We are enjoying growth in all of our platforms — gaming, professional visualization, datacenter and auto. Accelerating our growth is deep learning, a new computing model that uses the GPU’s massive computing power to learn artificial intelligence algorithms. Its adoption is sweeping one industry after another, driving demand for our GPUs.”
NVIDIA competitor Advanced Micro Devices, Inc. (NASDAQ:AMD) has also had a great quarter. AMD reported earnings back in April, and shares of the company jumped more than 30%