Nvidia Was 'Red Hot' Going Into Earnings, Beat 'High Bar' Expectations
Nvidia posted earnings after the bell on Thursday, May 21.
The company said non-GAAP earnings for the three months ending on April 26 were pegged at $1.80 per share, more than double last year's tally and firmly ahead of the Street consensus forecast of $1.69 per share. Group revenues, led by an 80% year-on-year increase in data center chip sales, rose 38.7% to a forecast-beating $3.08 billion.
"The new NVIDIA has a much larger footprint in data center computing, end-to-end and full stack expertise in data center architectures and tremendous scale to accelerate innovation," CEO Jensen Huang told investors on a conference call late Thursday. "NVIDIA and Mellanox are a perfect combination and position us for the major forces shaping the IT industry today, data center scale computing and AI."
"This is the era of data center scale computing and together, NVIDIA and Mellanox can architect end-to-end," he added. "Mellanox is an extraordinary company and I'm thrilled that we're now one force to invent the future together."
Jeff Marks, senior portfolio analyst with Jim Cramer's Action Alerts PLUS, joined TheStreet's Katherine Ross on Street Lightning to discuss the company. Jim Cramer is off today.