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2020-05-22

Nvidia reports above-estimated second-quarter revenue

Image:-Nvidia Board

Nvidia Corp forecast second-quarter revenue on Thursday above the estimates of analysts as demand increases for their chips used in data centers that power the shift to work remotely due to coronavirus outbreak.

The company said the forecast includes a contribution from Israeli chip firm Mellanox Technologies Ltd's $6.9 billion purchase, which reinforced its data center business.

The chipmaker said it expects $3.65 billion in current-quarter revenue, plus or minus 2 per cent, while analysts were expecting $3.29 billion on average, according to Refinitiv's IBES data.

Like rivals Intel Corp (INTC.O) and Advanced Micro Devices Inc (AMD.O), Nvidia saw a jump in demand for data center chips as companies invested in reinforcing their IT infrastructure to support remote-workers.

In the first quarter ended April 26, revenue rose 39 per cent to $3.08 billion, with the data center business recording its first $1 billion quarter, the company said.

Nvidia's net income grew from $394 million, or 64 cents per share, a year earlier to $917 million, or $1.47 per share.

Article Edited by | John Heine |

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