Nvidia Corp. (NASDAQ: NVDA) released fiscal second-quarter financial results after markets closed Thursday. The firm said that it had $1.24 in earnings per share (EPS) and $2.58 billion in revenue, compared with consensus estimates that called for $1.14 in EPS and $2.54 billion in revenue. The same period of last year had $1.94 in EPS and $3.12 billion in revenue.
The firm announced that it will pay its next quarterly cash dividend of $0.16 per share on September 20, to all shareholders of record on August 29.
Management was quick to note that the first priority of the company’s cash balance is the purchase of Mellanox Technologies. Nvidia will return repurchasing its stock after the close of the Mellanox acquisition. The regulatory approval process for this acquisition is progressing as expected, and management expects the deal to close by the end of this calendar year.
Looking ahead to the fiscal third quarter, the company expects to see revenues of $2.90 billion, give or take 2%, with a gross margin in the range of 62.0% to 62.5%. Consensus estimates are calling for $1.52 in EPS and $2.97 billion in revenue for the coming quarter.
Jensen Huang, founder and CEO of Nvidia, commented:
- We achieved sequential growth across our platforms. Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with Nvidia RTX leading the way.
- Nvidia accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots.
Shares of Nvidia closed Thursday at $148.77, in a 52-week range of $124.46 to $292.76. The consensus price target is $183.45. Following the announcement, the stock was up 5.6% at $157.23 in the after-hours session.
24/7 Wall St.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
