Nvidia reports revenue growth due to coronavirus
Data-center sales rose by 80% and topped $1 billion for the first time in the first quarter
Stocks impacted: Nvidia Corp (NVDA)
Nvidia reported first-quarter net income of $917 million. GAAP earnings per diluted share for the quarter were $1.47, up 130% from $0.64 a year ago but down 4% from $1.53 in the previous quarter. The company’s two largest segments - chips for gaming and data centers – are safe from negative effects from the coronavirus pandemic. Data-center sales rose by 80% and topped $1 billion for the first time in the first quarter. Citing surge in demand for its chips used in the data centers that power the shift to working remotely, Nvidia forecasts second-quarter revenue above analysts' estimates. Despite positive results, the firm’s shares finished more than 2% lower on Thursday.
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