Nvidia jumps after earnings beat and helps Bitcoin reclaim $90,000
Key Takeaways
- Nvidia outperformed third quarter expectations and raised guidance which boosted risk sentiment across markets.
- Bitcoin rebounded to $90,000 following Nvidia's earnings beat, alongside gains in major equity indexes.
Nvidia delivered stronger than expected third quarter results that lifted the stock in post market trading and helped Bitcoin recover after falling below $90,000 earlier in the day.
The company reported third quarter revenue of $57.0 billion against estimates of $55.2 billion and issued fourth quarter revenue guidance between $63.7 billion and $66.3 billion that exceeded market expectations.
Adjusted earnings per share reached $1.30 with a reported adjusted gross margin of 73.6%. Data center revenue reached $51.2 billion against estimates of $49.3 billion.
The earnings beat pushed Nvidia shares up 4% after the close and triggered a broader bounce in risk assets. Bitcoin had dropped under $89,000 earlier in the session before rebounding to $90,000 during the earnings call. The move followed renewed interest in high growth and high liquidity assets as traders responded to Nvidia posting another profitable quarter with stronger forward guidance.
Major equity benchmarks also moved higher in post market trading. The S&P 500 gained 0.3% while the Nasdaq rose 0.5% as the market reacted to Nvidia reporting stronger demand for cloud GPUs and continued momentum in its data center business.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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