Tech Stocks Surge Past Nvidia in After-Hours Trading
Nvidia's strong earnings beat in its fiscal second quarter may not have been enough to propel its stock price higher. In after-hours trading on Wednesday, several other companies outperformed Nvidia with bigger percentage gains. Okta, Salesforce, CrowdStrike, and Veeva Systems all posted better results than expected, despite Nvidia's own revenue and profit exceeding estimates.
Okta was the largest gainer among these companies, with a 19% jump in its stock price overnight. The identity management company reported adjusted earnings of $1.05 per share on $805 million in revenue, surpassing analyst expectations. Okta also raised its full-year earnings and revenue guidance.
Other notable gainers included Salesforce, which rose about 13%, and CrowdStrike, which added around 10%. Veeva Systems climbed about 7% after topping expectations on both revenue and earnings per share.