Nvidia forecasts second-quarter revenue above estimates

(Reuters) - Nvidia Corp reported a better-than-expected quarterly profit and forecast second-quarter revenue above analysts' estimates on strong demand for its gaming chips and higher sales to data centres, sending its shares up more than 4%. The company forecast revenue of $2.55 billion, plus or minus 2%, for the quarter, above analysts' expectations of $2.53 billion, according to IBES data from Refinitiv. Nvidia's net income fell to $394 million, or 64 cents per share, in the first quarter ended April 28 from $1.24 billion, or $1.98 per share, a year earlier.

Reuters May 17, 2019 05:05:48 IST
Nvidia forecasts second-quarter revenue above estimates

Nvidia forecasts secondquarter revenue above estimates

(Reuters) - Nvidia Corp reported a better-than-expected quarterly profit and forecast second-quarter revenue above analysts' estimates on strong demand for its gaming chips and higher sales to data centres, sending its shares up more than 4%.

The company forecast revenue of $2.55 billion, plus or minus 2%, for the quarter, above analysts' expectations of $2.53 billion, according to IBES data from Refinitiv.

Nvidia's net income fell to $394 million, or 64 cents per share, in the first quarter ended April 28 from $1.24 billion, or $1.98 per share, a year earlier.

Excluding items, Nvidia earned 88 cents per share, while analysts had expected a profit of 81 cents per share. Total revenue fell to $2.22 billion, but was still above analysts' estimates of $2.20 billion.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Greek police clash with protesters in rally against mandatory vaccinations
World

Greek police clash with protesters in rally against mandatory vaccinations

ATHENS (Reuters) - Greek police used teargas and water cannon to disperse people who had gathered in central Athens on Saturday to protest against mandatory COVID-19 vaccinations. More than 4,000 people rallied outside the Greek parliament for a third time this month to oppose mandatory inoculations for some workers, such as healthcare and nursing staff.

Two Turkish soldiers killed in attack in northern Syria
World

Two Turkish soldiers killed in attack in northern Syria

ISTANBUL (Reuters) - Two Turkish soldiers were killed and two were wounded in an attack on their armoured vehicle in northern Syria, and Turkish forces immediately launched retaliatory fire, Turkey's defence ministry said on Saturday. "Our punitive fire against terrorist positions is continuing," the statement on Twitter on said. It did not specify where the attack occurred, but media reports said it was in the al-Bab area.

Brazilians take to streets again to demand Bolsonaro's impeachment
World

Brazilians take to streets again to demand Bolsonaro's impeachment

By Marcelo Rochabrun SAO PAULO (Reuters) - Protesters took to the streets in several Brazilian cities on Saturday to demand the impeachment of far-right President Jair Bolsonaro, whose popularity has fallen in recent weeks amid corruption scandals against the backdrop of the pandemic. This week, news broke that Brazil's defense ministry told congressional leadership that next year's elections would not take place without amending the country's electronic voting system to include a paper trail of each vote. Bolsonaro has suggested several times without evidence that the current system is prone to fraud, allegations that Brazil's government has denied