Efficient market hypothesis and earnings call lag

The big news today is that NVDA will declare earnings for 4Q today. The 4Q is now close to 2 months ago.

So has the market really not reflected NVDA performance for close to 2 months?

What if they had a stellar 4Q but then a big scandal hit them in January. How would the markets then adjust for the 4Q stellar numbers they would only find out 2 months after the fact.