In 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.
You can learn more by reading the full report here. Also, don't forget to join our 80 Level Talent platform and our Telegram channel, follow us on Instagram and Twitter, where we share breakdowns, the latest news, awesome artworks, and more.