After hours, the stock is up 7.4% at $159.73.
The Santa Clara, Calif., company reported adjusted earnings of $1.24 a share, compared with $1.94 a year earlier and against the FactSet-derived consensus analyst estimate of $1.14.
Revenue came in at $2.58 billion, a decline from the $3.12 billion in the year-earlier period. Analysts were looking for revenue of $2.54 billion.
On a reported basis, Nvidia earned 90 cents a share versus $1.76 a year earlier.
"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," Chief Executive Jensen Huang said.
For the third quarter, the company expects revenue of $2.96 billion, just short of Wall Street's consensus $2.97 billion expectation.
Nvidia has been trading in bear territory, down more than 20% from its 52-week high of $292.76.
Nvidia is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.