Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

Nvidia data center sales grew 55% on demand for artificial intelligence chips

by
November 18, 2021
in Latest News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Nvidia stock rose more than 5% in extended trading after it reported earnings on Wednesday for its third fiscal quarter that beat expectations for both earnings and sales.

The company also issued a bullish forecast for revenue in the current quarter ending in January.

RELATED POSTS

Investors see little to be gained in stocks the rest of the year, favor dividends, CNBC survey shows

FDA backs changing Covid booster shots to target most recent omicron subvariants

Here’s how it did versus Refinitiv consensus expectations for the quarter ending Oct. 31:

Earnings: $1.17, adjusted, versus $1.11 expected, up 60% year over yearRevenue: $7.10 billion versus $6.82 billion expected, up 50% year over year

Nvidia said it expects to report around $7.4 billion in the current quarter, ending in January, higher than analyst expectations of $6.86 billion.

Nvidia stock has been on a big run, with shares up more than 124% year to date. The company has had more demand than it can fill, especially for its hard-to-find GeForce graphics cards that are popular with gamers.

The company has made significant gains in data centers, where cloud providers and big enterprises are turning to the kind of graphics processors made by Nvidia for artificial intelligence applications.

Nvidia reported $2.9 billion in data center sales, up 55% from $1.9 billion in the same quarter last year. Nvidia CFO Colette Kress wrote that the growth was driven by GPU sales to “hyperscale customers,” an industry term that means cloud providers such as Amazon AWS, Microsoft Azure and Google Cloud.

Kress said customers are using the chips for tasks such as understanding human speech and crunching data to offer customer recommendations.

Gaming, Nvidia’s biggest market, reported $3.2 billion in sales, up 42% from $2.27 billion in the same quarter last year. The company said it was primarily due to increased sales of its GeForce consumer graphics processors, but the company said supply remained limited.

Nvidia’s gaming graphics cards now have software that prevents them from being used for cryptocurrency mining, the company said. Nvidia introduced dedicated graphics cards for crypto mining earlier this year to help meet some of the demand. It said it sold $105 million in cryptocurrency-specific graphics cards, down from $266 million in the quarter ending in August.

Nvidia’s automotive business remains a small part of its sales, even as rival chipmakers invest heavily in the hope that it becomes a multibillion-dollar market in the next decade.

Nvidia said automotive sales were $135 million, which was up 8% annually, but down 11% from the previous quarter. Nvidia said the sequential decline occurred because automakers had other supply constraints but that self-driving programs using its processors continue to ramp up.

Nvidia’s professional visualization product line grew 144% annually to $577 million. That business is primarily high-end graphics processors for professionals. The segment continues to grow as firms buy powerful laptop workstations for their staff to use at home.

Last week, Nvidia CEO Jensen Huang suggested the company could be one of the main suppliers for technology companies building the “metaverse,” or a virtual world that some believe will be home to increasing amounts of commerce, recreation and advertising. Nvidia also introduced new software products called “Omniverse Enterprise” that can be used to create virtual characters, interpret speech and create new 3D worlds.

Nvidia is in the process of purchasing Arm, a British vendor for core mobile semiconductor technology. The European Commission opened an in-depth investigation of the transaction last month.

In the company’s filing Wednesday, Kress said the U.S. Federal Trade Commission had expressed concerns about the transactions and that the company was in talks with the regulator to address those concerns.

“Although regulators and some Arm licensees have expressed concerns or objected to the transaction, we continue to believe in the merits and benefits of the acquisition to Arm, its licensees, and the industry,” the company said in its third-quarter earnings report.

Nvidia said it paid $100 million in dividends during the quarter.

ShareTweetPin

Related Posts

Investors see little to be gained in stocks the rest of the year, favor dividends, CNBC survey shows

by
June 30, 2022
0

Traders on the floor of the NYSE, June 29, 2022. Source: NYSE (Click here to subscribe to the new Delivering...

FDA backs changing Covid booster shots to target most recent omicron subvariants

by
June 30, 2022
0

There hasn't been enough research on how much protection a fourth dose can offer, medical professionals told CNBC. Justin Sullivan...

Ketanji Brown Jackson to be sworn in as Supreme Court justice, replacing Stephen Breyer

by
June 30, 2022
0

[The above live stream is scheduled to start at noon. Please refresh the page if the video isn't playing after...

The worst first half for stocks since 1970? It’s not as bad as it looks.

by
June 30, 2022
0

The headlines are everywhere: with one day left in the first half of the year, the S & P 500...

GOP megadonors turn on Trump after Jan. 6 hearings, look to DeSantis, Pence, other 2024 hopefuls

by
June 30, 2022
0

A video of former U.S. President Donald Trump from his January 6th Rose Garden statement is played as Cassidy Hutchinson,...

Next Post

Nvidia easily beats earnings expectations on strong gaming and data center sales

Rivian, Lucid stock price surge 'a sign of an unhealthy stock market': strategist

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com