Nvidia on Thursday announced a $25-billion share buyback after the company forecast quarterly revenue that smashed expectations
jumped 8.5 per cent in premarket trading on Thursday, lifting tech shares around the world, after the company forecast quarterly revenue that smashed expectations and announced a $25-billion buyback.
“Bears will be arguing that at some point, the valuation will start to appear full. Luckily for Nvidia, a cursory glance would suggest there aren’t many bears around,” said Hargreaves Lansdown analyst Sophie Lund-Yates. Nvidia trades at about 39 times the consensus earnings for the next 12 months, compared to a forward price-to-earnings ratio of 80 in May when it forecast a more than 50 per cent revenue growth, Refinitiv data showed.
The results are also keeping a Wall Street rally alive, with futures tracking the tech-heavy Nasdaq 100 jumping more than 1 per cent, while S&P 500 futures rose 0.7 per cent. European chip companies also rose, with ASM International, BE Semiconductor and Aixtron gaining nearly 2 per cent each. Europe’s tech index was up 1.1 per cent.
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