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Nvidia Rises After Earnings More Than Triple on 68% Higher Revenue

Nvidia rises after the semiconductor powerhouse reported fiscal-second-quarter earnings per share nearly quadrupled on 68% higher revenue.
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Shares of Nvidia  (NVDA) - Get NVIDIA Corporation Report rose after the semiconductor powerhouse reported fiscal second-quarter earnings per share nearly quadrupled on 68% higher revenue.

The figures were stronger than Wall Street analysts expected.

For the quarter ended Aug. 1, the Santa Clara, Calif., company earned 94 cents a share compared with 25 cents in the year-earlier quarter. The latest adjusted earnings were $1.04 a share, up 89% from a year earlier.

Share amounts are adjusted for the 4-for-1 split of the common stock that was effective June 21.

Revenue was $6.51 billion compared with $3.87 billion a year earlier.

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A survey of analysts by FactSet was looking for GAAP earnings of 83 cents a share, or an adjusted $1.02 a share, on revenue of $6.33 billion.

Gaming revenue in the quarter was $3.06 billion, up 85% from a year earlier and accounting for 47% of total revenue.

Over the Nvidia platform, developers are creating "technologies ranging from natural language understanding and recommender systems to autonomous vehicles and logistics centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics," Jensen Huang, founder and chief executive, said in a statement.

For the third quarter Nvidia estimates revenue at $6.8 billion, plus or minus 2%. FactSet's survey is looking for $6.57 billion. 

At last check, Nvidia shares were trading up 3.1% at $196.30 after hours. They finished regular Wednesday trading off 2.2% at $190.40.

Nvidia is a holding in the portfolio of Jim Cramer's Action Alerts PLUS investing club. Want to be alerted before Jim Cramer buys or sells NVDA? Learn more now.