Excluding that one-time expense, non-GAAP EPS grew by 49%. Net income declined on a GAAP basis by 15% due to $1.35 billion in acquisition termination costs related to its failed acquisition of Arm. In the latest quarter, NVDA showed strong 46% revenue growth. After a 37% decline since then, NVDA is primed for a rally. I last covered the stock in March where I was neutral on the stock due to the fact that its valuation was "only" reasonable while the rest of the tech sector had already undergone monumental multiple compression.
NVDA is now trading below $150 per share, a far way from its $346 all-time high reached in late 2021. Valuation is no longer an issue here - I rate the stock an outright buy for long term investors. This is all while the company is profitable with a net cash balance sheet. NVDA stands to benefit from the ongoing digital transformation and further from the move towards more advanced technologies. Nvidia ( NASDAQ: NVDA) has finally dropped to clearly buyable levels in spite of having one of the more attractive growth stories in the market today.
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