Nvidia reports strong Q1 results, revenue up 66 percent

Nvidia said gaming revenue grew 68 percent from a year ago to $1.72 billion.
Written by Natalie Gagliordi, Contributor

Nvidia reported another blockbuster quarter on Thursday, smashing analyst expectations with strong revenue growth across the company.

The Santa Clara, Calif.-based company delivered a Q1 net income of $1.2 billion, or $1.98 per share.

Non-GAAP earnings were $2.05 per share on revenue of $3.21 billion, up 66 percent year-over-year. Wall Street was expecting to see earnings of $1.45 per share with $2.9 billion in revenue.

Shares of Nvidia were up slightly in after market trading.

Breaking down business segments, Nvidia said gaming revenue grew 68 percent from a year ago to $1.72 billion. Meanwhile, datacenter revenue grew 71 percent year over year $701 million.

Nvidia's automotive business rang up $145 million in revenue and its professional visualization segment reached $251 million.

"We had a strong quarter with growth across every platform," said Nvidia CEO Jensen Huang.

"At the heart of our opportunity is the incredible growth of computing demand of AI, just as traditional computing has slowed. The GPU computing approach we have pioneered is ideal for filling this vacuum. And our invention of the Tensor Core GPU has further enhanced our strong position to power the AI era," he said.

In terms of guidance, Nvidia expects Q2 revenue of $3.1 billion, plus or minus two percent, above market estimates for $2.95 billion in revenue.

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