Nvidia Shares Jump as Earnings Exceed Estimates
NEW YORK (TheStreet) -- Investors pushed up shares of Nvidia (NVDA) more than 5% in extended trading on Thursday following the chip maker's strong second-quarter results.
Nvidia reported revenue of $1.04 billion, up from $1.02 billion in the same period last year and above analysts' estimate of $1.01 billion. Excluding items, the Santa Clara, Calif.-based company reported earnings of 27 cents a share, down from 32 cents. Analysts surveyed by Thomson Reuters were looking for 14 cents.
The results were driven by mobile computing, particularly the booming tablet market, according to Nvidia CEO Jen-Hsun Huang. "Our investments in mobile computing and visual computing are both paying off," he said in a statement released before the market open. "Tegra has achieved record sales as tablets come into their own."
The Intel (INTC) and Qualcomm (QCOM) rival offered healthy guidance, predicting third-quarter revenue between $1.15 billion and $1.25 billion. Analysts surveyed by Thomson Reuters were looking for sales of $1.09 billion.
Nvidia expects its GAAP and non-GAAP margins to be flat compared to the second quarter, at 51.8% and 52%, respectively. Shares of Nvidia rose 5.2% to $15.47 after the market close. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devicesSelect the service that is right for you!
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