They’re also critical for emerging technologies such as self-driving cars. use the chips, which are especially adept at deep learning, the kind of processing needed for machine learning algorithms, to power services such as image and speech recognition. The big internet companies such as Google Inc., Facebook Inc. “A t the heart of our opportunity is the incredible growth of computing demand for AI.” … with growth across every platform,” Jensen Huang (pictured), Nvidia’s founder and chief executive, said on the call. “The small 4 percent auto sales increase doesn’t alarm me as it was Nvidia’s largest auto quarter ever and with Tesla softness, doesn’t come as a surprise,” Moorhead said.
The only potential disappointment was automotive revenue, which inched up only 4 percent, to $145 million, just over the Street’s $140 million estimate.
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Another operation, professional visualization from its Quadro workstation GPUs, rose 22 percent, to $251M, squeaking past the $248 million consensus. Gaming revenue, which remains more than half the total, rose 68 percent, to $1.72B, above analysts’ forecast of $1.61 billion. But she said that in the second quarter, it would fall to a third of the level of the first quarter. In the last couple of quarters, Nvidia has downplayed the impact, saying last quarter that miners were mostly using gaming computers rather than specialized ones, making the impact hard to extract from Nvidia’s core gaming business.Ĭhief Financial Officer Colette Kress did reveal for the first time on the earnings conference call that first-quarter cryptocurrency revenue was $289 million. The impact of cryptocurrency mining, which uses computers with GPUs in them, has been a source of continuing concern to investors, since many believe the phenomenon could be short-lived or at least volatile in the short term. They also might be a bit worried that the company’s overall revenue outperformance came at least partly from demand from makers of computers for mining cryptocurrencies. That may have contributed to investors’ negative reaction. That beat one Street average prediction of $656 million but fell short of the $703 million Thomson Reuters had reckoned from its own analyst poll. Revenue from Nvidia’s data center business leaped 71 percent, to $701 million. Nvidia’s stock has been setting records for much of the past trading week. They had closed up 1.7 percent, to $260.13, in regular trading before the report.
Shares were falling about 3 percent in after-hours trading. Still, investors may be in a mood to take some profits.
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Nvidia also issued a new forecast, saying second-quarter revenue would be $3.1 billion, plus or minus 2 percent, again above Wall Street’s $2.95 billion consensus. “Nvidia registered another monster quarter with overall revenue up 66 percent,” said Patrick Moorhead, president and principal analyst at Moor Insights & Strategy. The Santa Clara, California-based company itself had provided guidance of $2.90 billion in revenue, plus or minus 2 percent. Wall Street had forecast that Nvidia would earn an adjusted profit of $1.46 a share on revenue of $2.89 billion, so it easily beat predictions as it has done each quarter for more than two years now. Revenue jumped 66 percent, to $3.21 billion.
Earnings before certain costs such as stock compensation was $2.05. Thanks to the continuing boom in artificial intelligence applications and cryptocurrency “mining” that both use large numbers of its graphics processing units, Nvidia reported a first-quarter profit of $1.98 a share, up 145 percent from a year ago. Bottom line: It didn’t.īut the results still easily beat expectations, if not as much as some of those investors may have hoped. had a lot to live up to today when it reported its first-quarter earnings, after its stock hit another in a string of recent all-time highs.
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