Nvidia's 1Q Profit Surges During Pandemic
May 21 2020 - 5:06PM
Dow Jones News
By Maria Armental
Graphics chip-making giant Nvidia Corp. reported first-quarter
results on Thursday, offering an view into the impact of the
coronavirus pandemic on its operations. Here's what you need to
know.
PROFIT: Net income surged to $917 million, or $1.47 a share,
from $394 million, or 64 cents a share, a year earlier. On an
adjusted basis, profit rose to $1.80 a share from 88 cents a share
a year earlier. Analysts surveyed by FactSet expected $1.39 a
share, or $1.65 a share on an adjusted basis.
REVENUE: Revenue rose to $3.08 billion from $2.22 billion a year
earlier. Analysts expected $2.98 billion, roughly in line with
Nvidia's projection of about $3 billion. Gaming remains the largest
revenue generator at $1.34 billion, but Nvidia's data center
business saw an 80% increase in revenue to $1.14 billion.
OUTLOOK: This quarter, Nvidia projects about $3.65 billion in
revenue, which includes the acquisition of Mellanox Technologies
Ltd. Analysts expected $3.25 billion projection.
PANDEMIC: Among the steps Nvidia took during the pandemic, it
released AI models in collaboration with the National Institutes of
Health to help researchers detect Covid-19 in lung scans and joined
the White House's Covid-19 High Performance Computing
Consortium.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 21, 2020 16:51 ET (20:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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