Nvidia (NASDAQ:NVDA) reported its quarterly earnings results late today, bringing in a profit that came in well ahead of what analysts called for, while revenue declined year-over-year but also topped the mark, helping to lift NVDA stock more than 7% after hours.
The Santa Clara, Calif.-based GPU business revealed that for its first quarter of its fiscal 2019, it brought in net income of $394 million, or 64 cents per share, which was considerably less than its net income from the year-ago quarter, which came in at $1.24 billion, or $1.98 per share.
On an adjusted basis, Nvidia posted earnings of 88 cents per share, which was well ahead of the Wall Street consensus estimate of 58 cents per share, according to a survey of analysts conducted by FactSet. The company added that its revenue came in at $2.22 billion, which was a decline of nearly $1 billion from the $3.21 billion it amassed during the year-ago quarter.
Wall Street called for the company to rake in revenue of $2.2 billion during the period. “Nvidia is back on an upward trajectory,” said Jensen Huang, Nvidia founder and CEO, in a statement. “Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate.”
For its second quarter, the company foresees earnings of $2.5 billion to $2.6 billion, in line with analysts’ guidance of $2.54 billion.
NVDA stock is up about 7.1% after the bell following the company’s strong quarterly earnings results. Shares had been surging about 0.4% during regular trading hours.