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Nvidia Trades Higher After Q1 Earnings Beat, CEO Says It's Back On Upward Trajectory

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Nvidia Trades Higher After Q1 Earnings Beat, CEO Says It's Back On Upward Trajectory

NVIDIA Corporation (NASDAQ: NVDA) shares are up after reporting a first-quarter earnings beat.

Adjusted earnings came in at 88 cents per share, beating estimates by 9 cents. Sales came in at $2.2 billion, beating estimates by $20 million.

The company sees second-quarter sales of $2.55 billion, +/- 2 percent.

"NVIDIA is back on an upward trajectory," said Jensen Huang, founder and CEO. "We've returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And NVIDIA RTX has gained broad industry support, making ray tracing the standard for next-generation gaming.

"Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate. AI adoption is accelerating in the world's largest industries, moving beyond the cloud to the edge where AI processing has to be instantaneous. We're excited about our pending acquisition of Mellanox, which will help us drive data center architecture for high performance computing and AI from the cloud to the edge," he said.

Related Link: Data Center, Gaming Inventory In Focus Amid Fundamental Uncertainties

Highlights

  • Returned $97 million in quarterly cash dividends
  • Revenue down 31 percent year-over-year
  • Net Income down 68 percent year-over-year

Nvidia's stock traded higher by 5.3 percent at $168.68 per share in the after-hours session. The stock closed at $160.19.

Posted-In: Jensen HuangEarnings News Guidance Top Stories After-Hours Center Movers Trading Ideas Best of Benzinga

 

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