Nvidia Reports Q1 Earnings Beat

Nvidia Corporation NVDA reported first-quarter earnings of $1.80 per share on Thursday, which beat the analyst consensus estimate of $1.68 by 7.14%. This is a 104.55% increase over earnings of 88 cents per share from the same period last year.

The company reported quarterly sales of $3.08 billion, which beat the analyst consensus estimate of $2.98 billion by 3.36%. This is a 38.74% increase over sales of $2.22 billion the same period last year.

The company sees second-quarter sales at $3.65 billion plus or minus 2% versus the $3.15 billion estimate.

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"Nvidia had an excellent quarter,” said Nvidia founder and CEO Jensen Huang. “The acquisition of Mellanox expands our cloud and data center opportunity.We raised the bar for AI computing with the launch and shipment of our Ampere GPU. And our digital GTC conference attracted a record number of developers, highlighting the accelerating adoption of Nvidia GPU computing."

Nvidia's stock traded marginally lower to $349 per share at time of publication. The stock has a 52-week range between $263.50 and $132.60.