Nvidia briefly surpassed $2 trillion in market cap during intraday trading Friday following the company’s rosy earnings report Wednesday.
But it was short-lived. After rising earlier in the day, shares of Nvidia were down about 1% at 11 a.m. ET. Nvidia stock closed up 16% Thursday.
Nvidia posted $22.10 billion in revenue for its fiscal fourth quarter, a 265% increase from a year ago and above the $20.62 billion expected by analysts polled by LSEG, formerly known as Refinitiv. Nvidia reported $12.29 billion in net income during the quarter, up a staggering 769% from $1.41 billion last year.
The company has benefitted from the tech sector’s insatiable demand for artificial intelligence capabilities over the last year. Nvidia makes the pricey graphics processors for the servers that power large AI models.
Nvidia said it expects $24.0 billion in sales in the current quarter, surpassing the $22.17 billion expected by analysts.
“Fundamentally, the conditions are excellent for continued growth,” Nvidia CEO Jensen Huang said during the company’s quarterly call with investors Wednesday.
–CNBC’s Kif Leswing contributed to this report