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Home / Business / Nvidia makes quarterly profits, revenue estimates; shares are rising

Nvidia makes quarterly profits, revenue estimates; shares are rising



(Reuters) – Nvidia Corp's quarterly revenue and profits beat Wall Street estimates on Thursday, earning better-than-expected performance of its gaming and car chips business, sending shares up 6% in expanded trading.

While Nvidia has entered into growth areas such as artificial intelligence and self-driving cars. The bread-and-butter business of selling chips that enhance video game graphics continues to be the biggest contributor to sales.

Revenues from the gaming business fell 27% to $ 1.31 billion, but beat analysts' estimates of $ 1.28 billion, according to five analysts polled by IBES Refinitiv.

The company said it expects revenue in the third quarter of $ 2.9 billion, plus or minus 2%. On average, analysts expected revenue of $ 2.97 billion, according to IBES data from Refinitive.

It reported quarterly adjusted gross margin of 60.1%, above expectations of 59.5%, according to FactSet data.

Nvidia's net income fell to $ 552 million, or $ 0.90 per share, in the second quarter ended July 28, from $ 1.1 billion, or $ 1.76 per share, the year before. Excluded items earned $ 1.24 per share.

Total revenues dropped to $ 2.58 billion from $ 3.12 billion. On average, analysts anticipate a profit of $ 1.15 per share and a turnover of $ 2.55 billion.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)


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