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Nvidia (NVDA - Get Report) shares were rising after hours on Thursday after the chip making giant reported better-than-expected revenue and earnings, as well as strong guidance. 

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The stock was rising 5.36% to $168.77 a share, after having risen 0.38% in regular hours. 

Earnings per share for the first quarter of Nvidia's fiscal year 2020 came in at an adjusted 88 cents, beating Wall Street's expectations of 81 cents. Revenue was $2.22 billion, slightly ahead of analysts' estimates of $2.196 billion. Revenue and EPS saw year-over-year decreases of 30% and 57%, respectively, as the company works its way through excess inventory.

"NVIDIA is back on an upward trajectory," said Jensen Huang, founder and CEO, in a statement. "We've returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And NVIDIA RTX has gained broad industry support, making ray tracing the standard for next-generation gaming." Huang added, "Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate." 

Management guided for second quarter revenue of $2.55 billion "plus or minus 2%." Analysts are looking for revenue for the current quarter of $2.537 billion. 

The stock is up almost 18% in 2019 year to date.

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