NEW YORK ( TheStreet) - Nvidia (NVDA - Get Report) beat analysts' estimates with its fourth quarter results after market close on Wednesday. The company, however, said first-quarter numbers will come in lower than Wall Street had expected, pushing shares lower in extended trading.
Graphics chip maker Nvdia said it earned 26 cents per share on revenue of $953 million during the fourth quarter of 2011. Analysts polled by Thomson Reuters had been expecting earnings of 19 cents per share and sales of $950.5 million.
For the first quarter of 2012, Nvidia expects revenue between $900 million and $930 million, well below the $945 million analysts had been anticipating.
There has been concern that Nvidia would continue to see weakness in the GPU market, thanks in part to the impact of Thailand's floods."We expect continued growth ahead, as Tegra 3 powers a new wave of quad-core super phones and Kepler, our next-generation GPU architecture, sets new standards in visual and parallel computing," CEO and President Jen-Hsun Huang said in the press release. Nvidia shares fell 0.4% during the regular session to $16.17. Shares are down sharply in after-hours, off 5.19% to $15.33. Interested in more on Nvidia? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts