In late afterhours trade the stock is up 3.02% ($4.84) at $165.03.
From ZD Net:
The company also said it lost $289 million in revenue from cryptocurrency mining processors.
Nvidia saw sharp GPU and data center sales declines in the first quarter
as hyperscale cloud providers pulled back on purchases and the company
lost $289 million in revenue from cryptocurrency mining processors.
Nonetheless, the chipmaker reported
better-than-expected Q1 results and CEO Jenson Huang said the company
is "back on an upward trajectory" thanks to growth in its gaming
division....
...Nvidia said GPU business revenue was $2.02 billion, down 27% from the
year ago period, due to declines in gaming and data center revenue, as
well as the loss related to cryptocurrency mining processors....
....
MORE
At the company:
May 16, 2019 2:30 PM PST
NVIDIA Announces Financial Results for First Quarter Fiscal 2020
***
...Q1 Fiscal 2020 Summary
| GAAP |
| ($ in millions, except earnings per share) |
Q1 FY20 |
Q4 FY19 |
Q1 FY19 |
Q/Q |
Y/Y |
| Revenue |
$2,220 |
$2,205 |
$3,207 |
Up 1% |
Down 31% |
| Gross margin |
58.4% |
54.7% |
64.5% |
Up 370 bps |
Down 610 bps |
| Operating expenses |
$938 |
$913 |
$773 |
Up 3% |
Up 21% |
| Operating income |
$358 |
$294 |
$1,295 |
Up 22% |
Down 72% |
| Net income |
$394 |
$567 |
$1,244 |
Down 31% |
Down 68% |
| Diluted earnings per share |
$0.64 |
$0.92 |
$1.98 |
Down 30% |
Down 68% |
| Non-GAAP |
| ($ in millions, except earnings per share) |
Q1 FY20 |
Q4 FY19 |
Q1 FY19 |
Q/Q |
Y/Y |
| Revenue |
$2,220 |
$2,205 |
$3,207 |
Up 1% |
Down 31% |
| Gross margin |
59.0% |
56.0% |
64.7% |
Up 300 bps |
Down 570 bps |
| Operating expenses |
$753 |
$755 |
$648 |
-- |
Up 16% |
| Operating income |
$557 |
$479 |
$1,428 |
Up 16% |
Down 61% |
| Net income |
$543 |
$496 |
$1,285 |
Up 9% |
Down 58% |
| Diluted earnings per share |
$0.88 |
$0.80 |
$2.05 |
Up 10% |
Down 57% |
NVIDIA’s outlook for the second quarter of fiscal 2020 is as follows:
- Revenue is expected to be $2.55 billion, plus or minus 2 percent.
- GAAP and non-GAAP gross margins are expected to be 59.2 percent and 59.5 percent, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $985 million and $765 million, respectively.
- GAAP and non-GAAP other income and expense are both expected to be income of approximately $27 million.
- GAAP and non-GAAP tax rates are both expected to be 10 percent,
plus or minus 1 percent, excluding any discrete items. GAAP discrete
items include excess tax benefits or deficiencies related to stock-based
compensation, which are expected to generate variability on a quarter
by quarter basis.
Highlights....
