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Aug. 15, 2019, 5:10 p.m. EDT

Nvidia shares rally on earnings beat

Gaming sales top Street estimates, but data-center sales don’t

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By Wallace Witkowski, MarketWatch


Nvidia Corp.

Nvidia Corp. shares rose in the extended session Thursday after the chip maker topped Wall Street expectations for the quarter even as data-center sales came in weaker than expected.

Nvidia /zigman2/quotes/200467500/composite NVDA -1.96%  shares rose 6.3% after hours, following a 0.9% decline in the regular session to close at $148.77. In comparison, the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -1.06% fell slightly, the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.39% rose 0.2%, and the tech-heavy Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.83% was about flat.

The company reported second-quarter net income of $552 million, or 90 cents a share, compared with $947 million, or $1.54 a share, in the year-ago period. Adjusted earnings were $1.24 a share.

Revenue declined to $2.58 billion from $3.12 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $1.15 a share on revenue of $2.55 billion.

Revenue from gaming, Nvidia’s largest business, declined 27% to $1.31 billion, while analysts were expecting $1.3 billion. Data-center revenue slipped 14% from a year ago to $655 million while Wall Street was expecting $668.5 million.

Nvidia expects third-quarter revenue of $2.84 billion to $2.96 billion, while analysts expect $2.98 billion.

/zigman2/quotes/200467500/composite
US : U.S.: Nasdaq
$ 190.49
-3.80 -1.96%
Volume: 7.69M
Oct. 18, 2019 4:00p
P/E Ratio
43.04
Dividend Yield
0.34%
Market Cap
$116.01 billion
Rev. per Employee
$882,428
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/zigman2/quotes/210598361/realtime
US : Nasdaq
1,590.09
-17.07 -1.06%
Volume: 149,328
Oct. 18, 2019 5:16p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
2,986.20
-11.75 -0.39%
Volume: 1.99B
Oct. 18, 2019 5:08p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
8,089.54
-67.31 -0.83%
Volume: 1.82M
Oct. 18, 2019 5:16p
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Wallace Witkowski is a MarketWatch news editor in San Francisco. Follow him on Twitter @wmwitkowski.

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