Nvidia Reports Lower Q2 Profit (NVDA)

Graphics chip-maker Nvidia NVDA released its fiscal second-quarter earnings results after the closing bell on Thursday. The company reported both earnings per share and revenue that beat analysts' consensus estimates despite reporting an overall lower profit for the period. In late trade, the stock was last down around 0.34 percent to $14.65. Management Commentary "The GPU business continued to grow, driving our fourth consecutive quarter of record margins," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. "We also began shipping GRID virtualized graphics, which puts the power of NVIDIA GPUs into the datacenter. We look forward to a strong second half, with new Tegra 4 devices coming to market, SHIELD moving beyond the U.S. and broader sampling of Project Logan, our next-generation Tegra processor, which brings Kepler, the world's most advanced GPU, to mobile." Fiscal Q2 Financial Results Nvidia reported net income of $96.4 million or $0.16 per share, compared to $119.0 million or $0.19 per share, in last year's fiscal second-quarter. On an adjusted basis, net income was $133.3 million or $0.23 per share, versus $170.4 million or $0.27 per share, last year. This handily beat analysts' consensus EPS estimates of $0.13. Revenue in the quarter was $977.2 million from $1.04 billion in the year ago period. This also came in ahead of Wall Street consensus revenue estimates of $976.43 million. Looking ahead, Nvidia guided for Q3 revenue to be $1.050 billion, plus or minus 2 percent. Currently, analysts have consensus revenue estimates of $1.10 billion for the upcoming third-quarter. Related: See all of Thursday's movers with Benzinga's Market Wrap.