NVIDIA Drops on Latest Numbers - InvestingChannel

NVIDIA Drops on Latest Numbers

NVIDIA Corporation (NASDAQ:NVDA) reported better-than-expected results for its second quarter.

The company, out of Santa Clara, Calif., reported record revenue for the second quarter of $3.87 billion, up 50% from $2.58 billion a year earlier, and up 26% from $3.08 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.99, up 10 percent from $0.90 a year ago, and down 33 percent from $1.47 in the previous quarter. Non-GAAP earnings per diluted share were $2.18, up 76 percent from $1.24 a year earlier, and up 21 percent from $1.80 in the previous quarter.

NVIDIA closed its acquisition of Mellanox Technologies Ltd. on April 27.

CEO Jensen Huang was quoted thus, “Adoption of NVIDIA computing is accelerating, driving record revenue and exceptional growth. Growth in GeForce gaming accelerated as gamers increasingly immerse themselves in realistic virtual worlds created by NVIDIA RTX ray tracing and AI.

“Despite the pandemic’s impact on our professional visualization and automotive platforms, we are well positioned to grow, as gaming, AI, cloud computing and autonomous machines drive the next industrial revolution around the world.”

NVIDIA paid $99 million in quarterly cash dividends in the second quarter. It will pay its next quarterly cash dividend of $0.16 per share on September 24, to all shareholders of record on September 2.

NVDA shares gained $1.17 to $486.71.