Telecom & Wireless
NVIDIA Rises on Solid Earnings Beat
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NVIDIA Corp. (NASDAQ: NVDA) reported its fiscal first-quarter financial results after the markets closed on Thursday. The company posted $0.46 in earnings per share (EPS) on $1.31 billion in revenue. That compares to consensus estimates of $0.31 in EPS on revenue of $1.27 billion. In the same period of last year, the company reported EPS of $0.33 and $1.15 billion in revenue.
During this quarter, the company launched GeForce GTX 1080 and GTX 1070, based on NVIDIA’s new Pascal architecture, bringing the biggest performance gains over the previous generation of processors in a decade.
The company also expanded the NVIDIA VRWorks software development kit with Simultaneous Multi-Projection, which heightens realism with new display capabilities, and VRWorks Audio, which delivers physically modeled positional audio.
On the books, cash, cash equivalents and marketable securities totaled $4.75 billion at the end of the quarter, compared to $5.04 million at the end of the previous fiscal year.
Jen-Hsun Huang, co-founder and CEO of NVIDIA, commented:
We are enjoying growth in all of our platforms — gaming, professional visualization, datacenter and auto. Accelerating our growth is deep learning, a new computing model that uses the GPU’s massive computing power to learn artificial intelligence algorithms. Its adoption is sweeping one industry after another, driving demand for our GPUs.
He added:
Our new Pascal GPU architecture will give a giant boost to deep learning, gaming and VR. We are excited to bring a new wave of innovations to the markets we serve. Pascal processors are in full production and will be available later this month.
Shares of NVIDIA closed down 1.4% Thursday at $35.57, with a consensus analyst price target of $37.08 and a 52-week trading range of $19.09 to $37.46. Following the release of the earnings report, the stock was up 10% at $39.15 in early trading indications Friday.
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