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NVIDIA Q1 earnings beat estimates; hits all time high

nVIDIALast Friday, NVIDIA (NVDA), the leader in visual computing technologies, reported a splendid fiscal 2017 first-quarter earnings that beat estimates. The company also announced an upbeat second quarter outlook. The inventor of the Graphics Processor Units (GPU) fared well in a market where its competitors like AMD and Intel got a beating. Considering this, the market gave a thumps up to the stock, which closed with a gain of 15.21% on Friday. Yesterday, the stock opened strongly to hit a new 10-year high of $42.80. Any decline in the stock is certainly an opportunity to enter long because of the following reasons.

During the fiscal 2017 first-quarter, the company reported a 13% increase in revenue to $1.30 billion, from $1.15 billion in the corresponding quarter of fiscal 2016.

Segment wise, in the first-quarter, the GPU business clocked a 15% growth in revenue to $1.079 billion, from $940 million in the first-quarter last year. Similarly, the Tegra processor business reported revenue of $160 million, up 10% from $145 million in the year-ago corresponding period.


Platform wise, the DataCenter reported a 63% growth, while the Automotive designs registered a 47% increase in revenue on a y-o- y basis.

The California based company expects the fiscal 2017 second-quarter revenue to be in the range of +/- 2% of $1.35 billion. The revenue outlook of the company is in line with the analysts’ estimates.

The GAAP net income for the first-quarter increased to $196 million or $0.33 per share, from $134 million or $0.24 per share in the prior year similar period. The non-GAAP net income was $263 million, up 41% from $187 million in the prior year similar period. For the first-quarter, NVIDIA reported a 39% increase in the earnings per share to $0.46, from $0.33 per share in the first-quarter of 2016. The earnings comfortably went past
the analysts’ estimate of $0.32 per share for the first quarter.

The co-founder and the CEO of NVIDIA Jen-Hsun Huang stated that the company is experiencing solid growth in gaming, automotive, datacenter and professional visualization platforms. The CEO also announced that the new Pascal GPU architecture, which is expected to bring in a huge change in gaming and deep learning, will be available at the end of this month. Thus, it can be argued that fundamentally the stock is firmly on an uptrend.

The stock has a major support at 36.25. Next major resistance, considering the past history, may develop at 45 levels. The stochastic indicator is rising upwards with a reading above 50.

Nvidia Stock Price: May 17th 2016

Thus, a binary options trader should think of purchasing only a one touch call option contract. If the strike price is $45 or lower, there is a higher chance of trade finishing in the money. Similarly, an expiry date in the third week of June would benefit the trader.

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