Nvidia posts better than expected earnings in Q2


(IANS) Graphics giant Nvidia reported better than expected results for its second fiscal quarter ended July 26 as its revenue reached $3.87 billion, up 50 per cent from $2.58 billion a year earlier.

In the previous quarter, Nvidia reported revenue of $3.08 billion.

Nvidia’s data centre business did better than its gaming unit for the first time in the second quarter, according to a report in CNBC on Wednesday.

“Adoption of Nvidia computing is accelerating, driving record revenue and exceptional growth,” Jensen Huang, founder and CEO of Nvidia, said in a statement.

“Despite the pandemic’s impact on our professional visualisation and automotive platforms, we are well positioned to grow, as gaming, Artificial Intelligence, Cloud computing and autonomous machines drive the next industrial revolution around the world,” he said.

The company said that GAAP earnings per diluted share for the quarter were $0.99, up 10 per cent from $0.90 a year ago, and down 33 percent from $1.47 in the previous quarter.

Non-GAAP earnings per diluted share were $2.18, up 76 per cent from $1.24 a year earlier, and up 21 per cent from $1.80 in the previous quarter.

According to the company’s outlook for the third quarter, Nvidia’s revenue is expected to hit $4.40 billion, plus or minus two per cent.

Was it worth reading? Let us know.