Nvidia (NASDAQ:NVDA) earnings for first quarter of fiscal 2021 have NVDA stock dipping lower after markets closed on Thursday. That’s despite its adjusted earnings per share of $1.80 beating out Wall Street’s estimate of $1.68. Its revenue of $3.08 billion also surpasses analysts’ estimates of $2.98 billion.
Let’s take a more thorough look at the most recent Nvidia earnings report below.
- Adjusted per-share earnings are up 105% from 88 cents in the same period of the year prior.
- Revenue is sitting up 39% compared to $2.22 billion in the first quarter of fiscal 2020.
- Operating income of $976 million is a 173% jump year-over-year from $358 million.
- The Nvidia earnings report also has it bringing in a net income of $917 million.
- That’s a 133% boost over its net income of $394 million from the same time last year.
Jensen Huang, CEO of Nvidia, said the following about the Q1 earnings report:
“NVIDIA had an excellent quarter. The acquisition of Mellanox expands our cloud and data center opportunity. We raised the bar for AI computing with the launch and shipment of our Ampere GPU. And our digital GTC conference attracted a record number of developers, highlighting the accelerating adoption of NVIDIA GPU computing.”
Nvidia also includes its outlook for the second quarter of fiscal 2021 in the report. This has it expecting revenue to be $3.65 billion, with a variance of plus or minus 2%. That’s looking good next to Wall Street’s estimate of $3.15 billion for the quarter.
NVDA stock was down just under 1% after-hours Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.