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Nvidia Reports Record Quarterly Sales

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Nvidia Reports Record Quarterly Sales

On Wednesday, NVIDIA Corporation (NASDAQ: NVDA) reported that its quarterly sales topped $5 billion for the first time in the fourth quarter, due to holiday gaming-chip demand and renewed interest in cryptocurrency mining vied with supply shortages. Last week, Nvidia announced its hopes to ease shortages of gaming cards by launching a chip designed for cryptocurrency mining.

Q4 Figures

For the quarter ending on January 31st, gaming sales surged 67% to a company record $2.5 billion. Full-year revenue also came at a record $7.76 billion. On the data-center side, sales nearly doubled to $1.9 billion compared to last year's figure, while analysts expected $1.85 billion. For the first time, overall revenue for the quarter surpassed $5 billion, which is up 61% compared to $3.11 billion in the year-ago quarter. In its previous quarter, Nvidia also had a quarterly sales record as it generated revenue greater than $4 billion.

For the Professional Visualization segment, Q4 revenue was $307 million, down 7% from a year earlier with full-year revenue down 13% as it amounted to $1.05 billion.

Automotive revenue for the quarter was $145 million, down 11 percent with full-year revenue was $536 million, down 23 percent from prior year's figure.

Fourth-quarter net income was $1.46 billion, or $2.31 a share, greatly exceeding last year's $950 million, or $1.53 a share. Adjusted earnings that exclude stock-based compensation expenses and other items were $3.10 a share, also exceeding $1.89 a share in the year-ago period.

Q1 Forecasts

The company expects about $50 million from CMP sales along with plans to break out cryptocurrency-related sales in the future. Revenue is forecasted to be in the range between $5.19 billion to $5.41 billion, while analysts had forecast revenue of $4.49 billion on average.

Outlook

Gaming-card supply shortages will likely remain going forward with more and more ‘smart' products using AI that will increase demand for data-center chips. Numerous companies across the globe are applying Nvidia AI to create cloud-connected products. The reality is AI services are transforming the world's largest industries. Everything is rounding up nicely for Nvidia that just reported another record quarter that capped a breakout year for its computing platforms that allowed it to benefit from the "smartphone moment". Technology is offering an opportunity to change the way businesses across industries interact with their customers and Nvidia positioned itself well to play a big part in that exchange.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

The post Nvidia's Game Is On appeared first on IAM Newswire.

Photo by Backpack Studio on Unsplash

 

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Posted-In: IAM Newswire NVIDIA CorporationEarnings News General

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