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NVIDIA shares rally 12.7 percent on massive earnings beat, profit up 124 percent year-over-year

Posted on Thursday, November 10 2016 @ 22:35:32 CET by

The party over at NVIDIA continues as the company just announced record revenue and record earnings for its fiscal Q3 2017. Quarterly revenue came in at $2 billion, up a massive 54 percent versus the year before period, while net income soared a gigantic 120 percent to $542 million.

NVIDIA reported non-GAAP diluted earnings per share of 94 cents, up 104 percent versus a year ago, and much better than the 57 cents consensus by Wall Street analysts. As such, it's no surprise the stock is hitting fresh all-time highs in after-hours trading. At press time, NVIDIA shares are trading at $76.29 percent, a gain of 12.73 percent. Investors will also be excited to hear that NVIDIA is increasing its quarterly dividend by 22 percent to 14 cents per share.

CEO Jen-Hsun Huang attributes the good results to the great success of the Pascal GPU across various fields, including gaming, VR, self-driving cars and deep learning/AI applications.

For the current quarter, NVIDIA expects revenue to hit $2.1 billion, plus or minus two percent.

NVIDIA revenue trend
NVIDIA Announces Financial Results for Third Quarter Fiscal 2017
  • Record revenue of $2.00 billion, up 54 percent from a year ago.
  • Record GAAP EPS of $0.83, up 89 percent from a year ago, and non-GAAP EPS of $0.94, up 104 percent from a year ago.
  • Record GAAP gross margin at 59.0 percent and non-GAAP gross margin at 59.2 percent.
  • Quarterly cash dividend raised 22 percent to $0.14 per share. Company to return $1.25 billion to shareholders in fiscal 2018.

    NVIDIA (NASDAQ: NVDA) today reported revenue for the third quarter ended October 30, 2016, of $2.00 billion, up 54 percent from $1.30 billion a year earlier, and up 40 percent from $1.43 billion in the previous quarter.

    GAAP earnings per diluted share for the quarter were $0.83, up 89 percent from $0.44 a year ago and up 102 percent from $0.41 in the previous quarter. Non-GAAP earnings per diluted share were $0.94, up 104 percent from $0.46 a year earlier and up 77 percent from $0.53 in the previous quarter.

    "We had a breakout quarter - record revenue, record margins and record earnings were driven by strength across all product lines," said Jen-Hsun Huang, founder and chief executive officer, NVIDIA. "Our new Pascal GPUs are fully ramped and enjoying great success in gaming, VR, self-driving cars and datacenter AI computing.

    "We have invested years of work and billions of dollars to advance deep learning. Our GPU deep learning platform runs every AI framework, and is available in cloud services from Amazon, IBM, Microsoft and Alibaba, and in servers from every OEM. GPU deep learning has sparked a wave of innovations that will usher in the next era of computing," he said.

    Capital Return
    During the first nine months of fiscal 2017, NVIDIA paid $509 million in share repurchases and $185 million in cash dividends. As a result, the company has returned an aggregate of $694 million to shareholders in the first nine months of the fiscal year. The company intends to return $1.0 billion to shareholders in fiscal 2017.

    For fiscal 2018, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases. The company's board of directors has authorized an additional $2.00 billion under the company's stock repurchase program for a total of $2.96 billion available through the end of December 2020.

    The company announced a 22 percent increase in its quarterly cash dividend to $0.14 per share from $0.115 per share, to be paid with its next quarterly cash dividend on December 19, 2016, to all shareholders of record on November 28, 2016.



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