LogInIn its most recent quarter, the company achieved a revenue of $7.19 billion, marking a 13% decrease compared to the previous year. However, it surpassed Wall Street's expectations of $6.53 billion.
NVIDIA has released its financial results for the first fiscal quarter ending on April 30, reporting revenues of $7.19 billion, which represents a 13% decline compared to the corresponding period last year. Nevertheless, the company surpassed the expectations of Wall Street which anticipated a revenue of $6.53 billion.
NVIDIA's performance exceeded analysts' expectations as the company reported adjusted earnings of $1.09 per share, equivalent to $2.7 billion in adjusted net income for the quarter. This result surpassed the projected 92 cents per share anticipated by analysts. Although adjusted net income decreased by 20% compared to the previous year, it experienced a notable 24% increase from the previous quarter.
In its report, the company announced record-breaking data center revenue of $4.28 billion, showcasing a 14% increase compared to the same period last year and an 18% increase compared to the previous quarter. This growth indicates a positive trajectory for data center customers and, following the news, in after-hours trading, NVIDIA's stock price rose to $375.26 per share, marking a notable 23% surge.
The Automotive segment also saw significant growth – its revenue increased by 114% from a year ago and 1% from the previous quarter reaching $296 million.
As for the gaming segment, the company's quarterly revenue amounted to $2.24 billion. This figure represents a 38% decline from the previous year, however, it marks a 22% increase from the previous quarter. Meanwhile, the Professional Visualization segment generated revenue of $295 million, down 53% from last year and up 30% from the previous quarter.
NVIDIA projects that its revenue for the second fiscal quarter, ending on July 31, will reach $11 billion. This forecast represents a significant increase compared to the previous quarter, indicating the anticipation of a notable upswing in the company's financial performance.
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