Nvidia Reports First-Quarter Sales, Profit Beat Estimates
Nvidia Corp. (NVDA), a maker of graphics chips used in personal computers, reported first-quarter sales and profit that beat analysts’ estimates.
Revenue in the period ended April 27 climbed 16 percent to $1.1 billion, the company said in a statement today. Profit excluding some items rose to $166.1 million, or 29 cents a share, from $113.8 million, or 18 cents, a year earlier. On average, analysts had predicted profit of 21 cents on sales of $1.05 billion, according to data compiled by Bloomberg.
The Santa Clara, California-based company released its earnings two days ahead of schedule after inadvertently sending the figures out to a mailing list of 100 people, it said. The chipmaker said it will provide a forecast for the second quarter on May 8.
Nvidia may have benefited from a slowing rate of decline in PC shipments, particularly in desktops, which are more likely to use high-end graphics cards powered by its chips. Chipmakers Intel Corp. and Advanced Micro Devices Inc. both said the market had stabilized, thanks to demand from companies for new machines.
Net income in the fiscal first quarter was $136.5 million, or 24 cents a share, up from $77.9 million, or 13 cents, a year earlier.
Nvidia shares slipped 2 percent to $18.25 at the close in New York. They have gained 14 percent this year.