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Nvidia trounces estimates for earnings and revenue, shares still tank
11 August 2017, 02:52 | Dale Webster
Shares have risen 181 per cent over the past year, the strongest performance across the benchmark S&P 500 index.
Nvidia, which has been diversifying into newer technologies including self-driving cars and artificial intelligence, originally came into prominence in the gaming industry for designing graphics processing chips, that are also used for cryptocurrency mining.
Cryptocurrencies like Bitcoin are helping to drive revenue growth for GPU makers like Nvidia, and despite market volatility, it's a revenue stream that isn't going anywhere, Nvidia's CEO said Thursday.
"Nvidia was priced for perfection heading into earnings", said Loop Capital analyst Betsy Van Hees, adding the company did not have any room for anything but perfection.
The digital currency market has gone through some major ups and downs this year, prompting many to conclude the emergent market is in a bubble. "Data center revenue increased more than two and a half times".
The data centre business is still relatively small and is driven by small number of customers who can change preferences tremendously from quarter to quarter, said Bernstein analyst Stacy Rasgon.
As a result, he's profiting off NVIDIA 2Q F2018 earnings, as the chip maker's stock slumped in after-hours trade falling by more than 4% to as low as $157.95, although Left has said he expects it to fall much further at some point.
"Cryptocurrency and blockchain is here to stay. And over time, it will become quite large", Mr Huang said. The gross margin improved to 58.4 percent from 57.9 percent a year ago, and the company's net earnings more than doubled, to USSD 583 million or USD 0.92 per share from USD 261 million or USD 0.41 per share.
Even with rising demand for GPUs, Nvidia shares fell as much as 8 percent following Thursday's report, as data center revenue trailed analysts' estimates.
The Santa Clara, California-based company's revenue rose for the fifteenth consecutive quarter to $2.23 billion from $1.43 billion.
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