NVIDIA (NVDA) Says Q1 Revenue Tracking Above Outlook
- Dow ends at record high after upbeat jobless claims report
- PayPal (PYPL) Gains After Topping Q1 and Guidance Expectations, Crypto Seen as a Key Growth Driver Going Forward
- Square (SQ) Tops Q1 EPS by 25c
- Fed's Kaplan wants taper talk 'sooner rather than later'
- U.S. weekly jobless claims drop below 500,000; layoffs lowest since 2000
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
NVIDIA (NASDAQ: NVDA) today announced at its annual Investor Day that first quarter revenue for fiscal 2022 is tracking above its previously provided outlook, with outperformance in each of its market platforms.
“While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook provided during our fiscal year-end earnings call. We are experiencing broad-based strength, with all our market platforms driving upside to our initial outlook,” said Colette Kress, executive vice president and chief financial officer of NVIDIA.
(*Consesus sees Q1 revenue of 5.32 billion)
“Within Data Center we have good visibility, and we expect another strong year. Industries are increasingly using AI to improve their products and services. We expect this will lead to increased consumption of our platform through cloud service providers, resulting in more purchases as we go through the year. Our EGX platform has strong momentum, and we expect this will drive increased revenue from enterprise and edge computing deployments in the second half of the year.
“Overall demand remains very strong and continues to exceed supply while our channel inventories remain quite lean. We expect demand to continue to exceed supply for much of this year. We believe we will have sufficient supply to support sequential growth beyond Q1,” she continued.
NVIDIA’s market platforms include Gaming, Data Center, Professional Visualization, and Automotive. The company also raised its first-quarter revenue estimate for its new CMP product for industrial-scale cryptocurrency mining to $150 million, up from $50 million previously expected.
In its Feb. 24 earnings release, NVIDIA had provided a revenue outlook for its first fiscal quarter, ending May 2, of $5.30 billion, plus or minus 2 percent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Paylocity Holding (PCTY) Tops Q3 EPS by 21c, Revenues Beat; Offers 4Q & FY21 Revenues Guidance Above Consensus
- National Fuel Gas (NFG) Tops Q2 EPS by 14c, Offers Guidance
- Transact Technologies (TACT) Misses Q1 EPS by 1c, Revenues Beat
Create E-mail Alert Related CategoriesCorporate News, Guidance, Hot Corp. News, Hot Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!