Nvidia Tops Sales Guidance, Gives Strong Outlook
August 11 2016 - 6:30PM
Dow Jones News
Nvidia Corp. said its second-quarter profit surged as the chip
maker exceeded its revenue guidance and saw strong demand for its
new products.
Nvidia shares rose 2.5% to $61.17 in after-hours trading.
Nvidia projects revenue of $1.68 billion, plus or minus 2%, for
the third quarter. Analysts polled by Thomson Reuters projected
$1.45 billion.
Nvidia, based in Santa Clara, Calif., is a prominent name in
graphics processing units used in gaming software. It has expanded
in many new sectors ranging from virtual reality to self-driving
cars.
"Strong demand for our new Pascal-generation GPUs and surging
interest in deep learning drove record results," Chief Executive
Jen-Hsun Huang said in prepared remarks.
For the quarter ended July 31, net income was $253 million, or
40 cents a share, compared with $26 million, or 5 cents a share, a
year earlier. Excluding stock-based compensation and other items,
earnings rose to 53 cents a share from 34 cents a share.
Revenue increased 24% to $1.43 billion, compared with Nvidia's
guidance of $1.35 billion, plus or minus 2%.
Last month, Nvidia unveiled a new chip for well-heeled gaming
enthusiasts that it hopes will also appeal to
artificial-intelligence specialists. The new Titan X chip, the
successor to a current model under the same name, is packaged on an
add-in card for personal computers for $1,200. The chip packs 12
billion transistors on a piece of silicon, compared with around
seven billion for a high-end microprocessor of the kind sold by
Intel Corp.
Don Clark contributed to this article.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
August 11, 2016 18:15 ET (22:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Intel (NASDAQ:INTC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Intel (NASDAQ:INTC)
Historical Stock Chart
From Apr 2023 to Apr 2024