Jen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company’s event at Mobile World Congress Americas in Los Angeles, California, U.S., on Monday, Oct. 21, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Nvidia reported first-quarter earnings after the bell on Wednesday.
The stock fell over 1% in after-hours trading after losing a little more than 2% on the day.
Here’s how it did:
Wall Street had anticipated adjusted earnings per share of $1.69 on revenue of $3 billion, according to Refinitiv consensus estimates. However, it’s difficult to compare reported earnings to analyst estimates as the coronavirus pandemic continues to affect global economies and makes earnings impact difficult to assess.
“COVID-19 created challenges in supply and demand. Early in the quarter, our partners’ supply chains were disrupted. Shelter-in-place resulted in closure of retail outlets and China iCafes, affecting sales of our gaming products,” the company said in a letter from the CFO. “However, work from home, learn at home, and gaming drove a surge in e-tail demand.”
Last year during its first fiscal quarter, Nvidia reported adjusted earnings per share of $0.88 on revenue of $2.22 billion.
Nvidia expects to report about $3.65 billion in revenue in its second fiscal quarter with gross margins around 58.6%.
Under Nvidia’s fiscal calendar, the quarter ended on April 26, over a month after widespread lockdowns in…
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