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NVIDIA Corporation Stock Falls Despite Strong Earnings, Outlook

NVIDIA Corporation (NASDAQ:NVDA) reported its latest quarterly earnings results late today, yielding strong results in both its earnings and revenue, while its next-quarter guidance was also ahead of the mark.

NVIDIA CorporationThe Santa Clara-based tech company announced that that its first quarter yielded net income of $1.24 billion, which came to about $1.98 per share. In the year-ago quarter, the company brought in net income of $507 million, or 79 cents per share.

On an adjusted basis, Nvidia raked in earnings of $2.05 per share, which was ahead of the $1.46 per share that analysts were calling for in their consensus estimate, according to data compiled by FactSet. The chipmaker also impressed on the revenue front, bringing in $3.21 billion.

The figure was stronger than the $1.94 billion that it raked in during the year-ago quarter, while also beating the Wall Street projection of $2.89 billion, according to a survey created by FactSet.

The company’s strong quarterly results can be attributed to positive movement in activities linked with its data centers, cloud computing and gaming, while the company’s automobile and cryptocurrency applications left something to be desired.

For its second quarter, Nvidia is calling for revenue in the range of $3.04 billion to $3.16 billion. Wall Street said on its guidance that it models revenue as reaching roughly $2.95 billion in their midpoint target.

NVDA stock was up about 1.7% during regular trading hours, but fell by nearly 1.4% after the bell Thursday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/05/nvidia-corporation-nvda-3/.

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