Nvidia forecasts strong holiday revenue as pandemic bolsters video game market
By Stephen Nellis and Ayanti Bera (Reuters) - Nvidia Corp forecast fourth-quarter revenue above Wall Street expectations on Wednesday, betting on robust demand for its graphic chips for gaming devices and data centers. Nvidia also beat revenue expectations for the third quarter as gaming business revenue jumped 37% to $2.27 billion (£1.71 billion) from a year earlier, beating FactSet estimates of $2.06 billion. The pandemic 'continues to affect our business in both positive and negative ways,' Chief Financial Officer Colette Kress said in a statement
By Stephen Nellis and Ayanti Bera
(Reuters) - Nvidia Corp
Nvidia also beat revenue expectations for the third quarter as gaming business revenue jumped 37% to $2.27 billion (£1.71 billion) from a year earlier, beating FactSet estimates of $2.06 billion.
The pandemic "continues to affect our business in both positive and negative ways," Chief Financial Officer Colette Kress said in a statement. "Our Gaming and Data Center market platforms have benefited from stronger demand as people continue to work, learn, and play from home."
Besides high-end gaming devices, Nvidia's graphics chips are being used in data centers to speed up computing for artificial intelligence work such as image recognition, which helped it eclipse rival Intel Corp's
Revenue from the data center segment more than doubled to $1.9 billion, compared with FactSet estimates of $1.84 billion.
Nvidia shares dipped 0.6% in late trading after hours. Nvidia said that revenue from Mellanox, the Israeli networking chip firm it acquired last year, contributed "approximately a third" of data center segment revenue, versus 30% in the previous quarter, suggesting that data center revenue excluding Mellanox was not growing as fast as some investors had hoped.
The chipmaker said it expects current-quarter revenue of $4.80 billion, plus or minus 2%, compared with analysts' average estimate of $4.42 billion, according to IBES data from Refinitiv.
Nvidia's earnings per share were $2.91, above analyst estimates of $2.57, according to Refinitiv data.
Earlier in October, Nvidia laid out a multi-year plan to create a new kind of chip for data centers, looking grab a bigger share of growing data center chip market.
(Reporting by Ayanti Bera in Bengaluru and Stephen Nellis in San Francisco; Editing by Arun Koyyur and Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Johannes Hellstrom, Bart H.
By Medha Singh and Shivani Kumaresan (Reuters) - Wall Street gained on Friday as Disney and Cisco's upbeat results brought the focus back to corporate earnings at the end of a volatile trading week that saw record surges in coronavirus cases and increased hopes of a working vaccine.
By Sumita Layek (Reuters) - Gold gained as much as 1.1% on Friday as rising global coronavirus infections re-ignited concerns about the economic toll from the pandemic, while scepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal. Spot gold rose 0.8% to $1,890.81 per ounce by 11:33 a.m