Nvidia satisfies Q2 revenue estimates; outlook strong
Nvidia reported second fiscal quarter earnings after the bell on Thursday.
Tech Earnings
The computer graphics giant reported a net income of $128 million, or 22 cents per share (statement).
Non-GAAP earnings were 30 cents per share on a revenue of $1.1 billion, up 13 percent from the same quarter last year.
Wall Street was expecting earnings of 20 cents per share on a revenue of $1.1 billion.
Looking at the first half of 2014, Nvidia noted revenue is up 14 percent year-over-year from $1.93 billion "to a record" $2.21 billion.
Nvidia further boasted in the report that its Tesla GPUs are embedded on the top 15 most efficient supercomputers, according to the latest Green500 list.
Furthermore, Nvidia surpassed more than 40 million installations in under two years for its GeForce Experience client, enabling the streaming and sharing of gameplay.
CEO and co-founder Jen-Hsun Huang attributed credit to three key areas -- gaming, mobile, and datacenters/cloud -- in prepared remarks:
Our Tesla datacenter business is in high gear, benefiting from strong demand from cloud service providers, and our new SHIELD tablet is generating considerable excitement. NVIDIA's accelerating growth stems directly from investments in extending our visual computing leadership to the mobile-cloud revolution.
For the current quarter, Wall Street expects Nvidia to return with earnings of at least 24 cents per share on a revenue of $1.15 billion.
Nvidia responded with Q3 revenue guidance of $1.20 billion, plus or minus two percent.