This post was originally published on this site
NVIDIA (NASDAQ:NVDA) shares were trading around 6% lower after-hours following the company’s reported Q1 earnings results. While both the EPS of $1.36 and revenue of $8.29 billion (up 46% year-over-year) came in better than the consensus estimates of $1.29 and $8.12 billion, respectively, Q2 revenue guidance missed the expectations.
The company delivered record results in Data Center and Gaming. Data Center Q1 revenue was $3.75 billion (up 83% year-over-year) and Gaming revenue was $3.62 billion (up 31% year-over-year).
“We delivered record results in Data Center and Gaming against the backdrop of a challenging macro environment,” said Jensen Huang, founder and CEO of NVIDIA. “The effectiveness of deep learning to automate intelligence is driving companies across industries to adopt NVIDIA for AI computing. Data Center has become our largest platform, even as Gaming achieved a record quarter. “We are gearing up for the largest wave of new products in our history with new GPU, CPU, DPU and robotics processors ramping in the second half. Our new chips and systems will greatly advance AI, graphics, Omniverse, self-driving cars and robotics, as well as the many industries these technologies impact,” he said.
The company expects Q2/23 revenue to be $8.10 billion, plus or minus 2%, worse than the consensus estimate of $8.45 billion.
The company’s board of directors also announced an additional share repurchase program of up to $15 billion through December 2023.
Shares of NVIDIA were down 42% year-to-date going into the results.
