Nvidia reported first-quarter results for its fiscal 2022 on Wednesday, with sales growing 84% compared with last year.
Earnings and sales both beat Wall Street expectations, but the shares were basically unchanged in extended trading.
Here’s how the chipmaker did, versus Refinitiv consensus estimates:
- Revenue: $5.66 billion versus $5.41 billion estimated
- Earnings: $3.66, adjusted, versus $3.28 per share estimated
Nvidia’s earnings come during a period of sustained, massive growth in its business amid a shortage of semiconductors worldwide. Nvidia said it expected $6.30 billion in revenue in the current quarter, which would be a 62% increase over last year.
The number-crunching graphics processors (GPUs) Nvidia makes are essential for PC games, artificial intelligence and cryptocurrency mining.
Its graphics segment, comprised mostly of graphics cards, was up 81% to $3.45 billion in revenue. Broken down by market platform instead of reportable segment, Nvidia said its gaming products were up 106% on an annual basis to $2.76 billion in sales.
Nvidia CFO Colette Kress said that gamers and students are behind the increased demand for GPUs and that it expected that the current upgrade cycle would continue to be strong through the rest of the year. Sales of its consumer GeForce graphics processors drove the increased revenue in its gaming division, in addition to chips it sells to game console makers.