Nvidia shares soar on Q4 earnings beat
Nvidia crushed market estimates on Thursday when it reported its Q4 and fiscal year financial results. Every one of Nvidia's business segments were up, with datacenter have the biggest growth margin followed by gaming.
The Santa Clara, Calif.-based company delivered a net income of $1.1 billion, or $1.78 per share.
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Non-GAAP earnings were $1.72 cents per share on revenue of $2.91 billion, up 34 percent year-over-year.Wall Street was looking for earnings of just $1.16 per share with $2.68 billion in revenue.
For the year, Nvidia delivered EPS of $4.82 on revenue of $9.71 billion, up 41 percent from a year ago. Analysts expected EPS of $4.22 on revenue of $9.48 billion.
Shares of Nvidia were up more than 12 percent in after market trading.
Nvidia founder and CEO Jensen Huang credited the strong quarter and finish to the fiscal year on the momentum behind the company's GPU computing platform.
"Industries around the world are racing to incorporate AI. Virtually every internet and cloud service provider has embraced our Volta GPUs. Hundreds of transportation companies are using our NVIDIA DRIVE platform. From manufacturing and healthcare to smart cities, innovators are using our platform to invent the future," he said.
In terms of guidance, Nvidia expects Q1 revenue of $2.90 billion, plus or minus two percent, above market estimates for $2.47 billion in revenue.