NVIDIA announced first quarter sales of $1 billion with a profit of $137.6 million, or 23 cents per share, compared to revenue of $664.2 million and a loss of $201.3 million, or 37 cents per share, in the same period the year before.
The GPU maker beat analysts expectations, but NVDA shares plunged to $14.03 (-3.62%) in after-hours trading because the forecast for the current quarter is lower than analysts had anticipated.
Analysts had expected the graphics chip company to report earnings of 21 cents a share, on revenue of $986.2 million, according to a consensus survey by Thomson Reuters.
For the current quarter, the company said it expects revenue to be seasonally down 3% to 5% sequentially. That translates to a revenue range of roughly $950 million to $970 million.
Analysts currently expect Nvidia to report revenue of $990.9 million, according to data from Thomson Reuters.