NVIDIA reported fiscal Q1 2020 revenue of $2.22 billion with net income of $394 million. The company's revenue is down 31 percent year-over-year, while net income tanked a whopping 68 percent. The revenue was slightly higher than analyst estimates, and the non-GAAP EPS of $0.88 was 7 cents better than consensus. The sharp drop in the financial results is attributed to crypto (or the lack of demand from that segment).
Gaming revenue was higher than estimates, but all other revenue segments were lower than analyst estimates. For the current quarter, NVIDIA expects revenue of $2.5 billion to $2.6 billion.
NVIDIA shares closed 2.00 percent higher in after-hours trading at $163.39.
NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 28, 2019, of $2.22 billion compared with $3.21 billion a year earlier and $2.21 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $0.64, compared with $1.98 a year ago and $0.92 in the previous quarter. Non-GAAP earnings per diluted share were $0.88 compared with $2.05 a year earlier and $0.80 in the previous quarter.
“NVIDIA is back on an upward trajectory,” said Jensen Huang, founder and CEO of NVIDIA. “We’ve returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And NVIDIA RTX has gained broad industry support, making ray tracing the standard for next-generation gaming.
“Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate. AI adoption is accelerating in the world’s largest industries, moving beyond the cloud to the edge where AI processing has to be instantaneous. We’re excited about our pending acquisition of Mellanox, which will help us drive data center architecture for high performance computing and AI from the cloud to the edge,” he said.