Nvidia Announced Positive Fiscal First-Quarter Earnings
May 26, 2022 By MarketDepth
Nvidia (NASDAQ: NVDA) announced plans to reduce its hiring pace and keep track of expenses as it experiences tough macroeconomic circumstances, according to CFO Colette Kress. Nevertheless, the company reported positive fiscal first-quarter earnings on Wednesday morning.
Earnings Higher Than Expected
The multinational technology company reported earnings of USD1.36 per share, compared to the expected USD1.29 a share. Revenue amounted to USD8.29 Billion, higher than analysts anticipated USD8.11 Billion.
“We delivered record results in Data Center and Gaming against the backdrop of a challenging macro environment. The effectiveness of deep learning to automate intelligence is driving companies across industries to adopt NVIDIA for AI computing. Data Center has become our largest platform, even as Gaming achieved a record quarter.”
Jensen Huang, founder and CEO of NVIDIA
He added: “We are gearing up for the largest wave of new products in our history with new GPU, CPU, DPU and robotics processors ramping in the second half. Our new chips and systems will greatly advance AI, graphics, Omniverse, self-driving cars and robotics, as well as the many industries these technologies impact.”
Revenue Falling Due to Multiple Circumstances
Furthermore, the company now expects revenue for the current quarter to be USD500 Million, below what it would have been if not for the Russian war and the continuous Covid lockdowns in China.
