NVDA reported its first-quarter earnings for fiscal year 2024, surpassing expectations and causing a 27% surge in shares during extended trading.
The company's adjusted EPS was $1.09 compared to the expected $0.92, and its revenue reached $7.19bn, exceeding the estimated $6.52bn. NVDA mainly provided a strong outlook for the current quarter, predicting sales of approximately $11bn, more than 50% higher than the Wall Street estimate of $7.15bn.
The company's data-center group performed well, with $4.28bn in sales, driven by demand for its GPU chips from cloud vendors and consumer internet companies. However, the gaming division experienced a 38% revenue decline due to a slower macroeconomic environment and the introduction of new gaming GPUs. The company's automotive division, focused on self-driving cars, grew by 114% YoY, but sales remained relatively small at under $300mn for the quarter.
Overall, net income for the quarter was $2.04bn, a 26% increase compared to the previous year, while the company's sales decreased by 13% to $8.29bn.