NVIDIA Beats Q2 Views, Shares Jump

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Shares of
NVIDIA CorporationNVDA
jumped over 8 percent in after-hours trading after the company reported stronger-than-expected results for the second quarter. The Santa Clara, California-based company posted quarterly earnings of $26 million, or $0.05 per share, compared to $128 million, or $0.22 per share, in the year-earlier quarter. On an adjusted basis, NVIDIA's earnings came rose to $0.34 per share from $0.30 per share. Its revenue climbed 5 percent year-over-year to $1.15 billion from $1.10 billion. However, analysts were expecting earnings of $0.10 per share on revenue of $1.01 billion. The average estimate among 37 Estimize users was for earnings of $0.15 per share and revenue of $1.02 billion. During the quarter, the company paid $52 million in cash dividends and $400 million in share repurchases. "Our strong performance in a challenging environment reflects NVIDIA's success in creating specialized visual computing platforms targeted at important growth markets," said Jen-Hsun Huang, president and chief executive officer of NVIDIA. For the third quarter, NVIDIA expects revenue of $1.18 billion, plus or minus 2 percent. NVIDIA shares climbed 8.75 percent to $22.24 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceprofit
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