Nvidia touts record revenue on Q2 earnings beat
Graphics chipmaker Nvidia easily topped second quarter earnings targets Thursday after the bell.
The company posted record-revenue for the quarter, and once again credits strong sales of its GPUs and deep learning technology for the boost on its balance sheet.
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Nvidia co-founder and CEO Jen-Hsun Huang said the convergence of graphics, computer vision and artificial intelligence is fueling growth across the company's specialized platforms, including gaming, pro visualization, datacenter and automotive.
"We are more excited than ever about the impact of deep learning and AI, which will touch every industry and market. We have made significant investments over the past five years to evolve our entire GPU computing stack for deep learning. Now, we are well positioned to partner with researchers and developers all over the world to democratize this powerful technology and invent its future," Huang said.
As for the numbers, Nvidia reported a net income of $253 million, or 40 cents per share (statement).
Non-GAAP earnings were 53 cents per share on a revenue of $1.43 billion, up 24 percent year-over-year.
Wall Street was looking for earnings of 37 cents per share with $1.35 billion in revenue.
Nvidia has been aggressive in its deep learning strategy this past year. In November Nvidia unveiled its hyperscale data center platform for deep learning with the goal of encouraging developers to build networks and smart apps rooted in artificial intelligence techniques.
Last spring , Huang unveiled several new technologies for advancing deep learning amid the GPU Technology Conference.
Looking ahead to the current quarter, Nvidia expects revenue of $1.68 billion. Analysts are looking for revenue of at least $1.45 billion.
Nvidia's stock climbed roughly three percent in late trading following the report.