Nvidia lifts forecasts as revenue jumps
The company expects a $6.30-billion in revenue in the current quarter, which would be a 62% increase over last year
Stocks impacted: Nvidia Corp. (NVDA)
Nvidia reported record revenue for the first quarter ended May 2, 2021, of $5.66 billion, up 84% from a year earlier and up 13% from the previous quarter. The firm noted that it believed cryptocurrency miners were partially responsible for its increased revenue, but it is hard to determine to what extent. Gaming sales rallied 106% to a record $2.76 billion, surpassing the previous high mark of $2.5 billion. Nvidia reported a first-quarter net income of $1.91 billion, or $3.03 a share, compared with $917 million, or $1.47 a share, in the year-ago period. The company said it expected a $6.30-billion in revenue in the current quarter, which would be a 62% increase over last year. Earlier this month, Nvidia announced that it plans to split its stock 4-to-1, pending shareholder approval.
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