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MarketScreener Homepage  >  Equities  >  Nasdaq  >  NVIDIA Corporation    NVDA

NVIDIA CORPORATION

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Nvidia Earnings Recover -- WSJ

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02/14/2020 | 02:48am EST

By Asa Fitch

Graphics chip-making giant Nvidia Corp. reported recovering earnings, buttressed by strong gaming revenues and record sales to big data centers that are using its hardware in artificial intelligence calculations.

The Santa Clara, Calif.-based company on Thursday said fiscal fourth-quarter sales rose 41% to $3.11 billion. Adjusted earnings per share more than doubled to $1.89, ending a streak of four quarters of weaker year-over-year results.

The results bested Wall Street forecasts. Analysts expected Nvidia to generate sales of $2.96 billion and $1.67 in adjusted earnings per share, according to a FactSet survey.

Nvidia's shares rose more than 6% in after-hours trading.

The chip--maker gave a positive outlook for the current quarter, which ends in April. Revenues are expected at $3 billion, above what analysts had forecast.

The outbreak of the coronavirus in China, the company said, was difficult to estimate. It resulted in a $100 million reduction to expected sales in the current quarter, the company said. Nvidia generated around 24% of sales last fiscal year in China, according to regulatory filings.

Despite widespread concerns the virus could disrupt vital Chinese supply chain links for tech companies, chip-makers so far been relatively unscathed because their customers, including computer manufacturers and electronic parts suppliers, typically place orders months in advance. But the impact could start to be felt this quarter, industry officials have said. Analysts at Northland Securities on Tuesday predicted a 10% to 20% quarter-on-quarter downturn in semiconductor demand, followed by a slow recovery through the rest of the year.

Nvidia has recently benefited from growing interest in artificial intelligence, another computational challenge where its graphics processors excel. Big cloud-computing players like Amazon.com Inc. and Alphabet Inc.'s Google unit use Nvidia chips to satisfy their customers' demand for more AI computing power.

Nvidia has also long been a leading player in gaming, which remains its largest revenue source. Nvidia chips are used in Nintendo Co.'s Switch gaming consoles. Nintendo said it had sold 10.81 million Switch devices in the final three months of last year.

The company also has made a splash with a so-called ray-tracing technology that facilitates more realistic depictions of light and shadow in videogames. Early this month, Nvidia launched a cloud-based gaming service called GeForce Now that allows gamers to play their favorite titles, some with ray-tracing enabled, without having a souped-up computer at home.

Nvidia said its gaming revenue rose 56% in the quarter to $1.49 billion, Nvidia said. Data center revenue rose 43% to $968 million. Sales grew in all the company's other segments except for its automotive business, which sells technologies used in autonomous driving, where revenues were flat at $163 million.

The quarter's earnings jump partly reflected poor performance in Nvidia's year-earlier period, when the company was grappling with a slump in cryptocurrency markets. Nvidia's graphics processors are well-suited to solving the complex mathematical calculations that go into cryptocurrency mining, driving demand for the chips while the market remained hot in 2018 but causing a lull when it softened thereafter.

Write to Asa Fitch at asa.fitch@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -2.21% 1483.46 Delayed Quote.13.26%
NINTENDO CO., LTD. -0.37% 39950 End-of-day quote.-0.13%
NVIDIA CORPORATION -4.74% 294.07 Delayed Quote.24.98%
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Financials (USD)
Sales 2021 13 357 M
EBIT 2021 5 227 M
Net income 2021 3 881 M
Finance 2021 10 387 M
Yield 2021 0,22%
P/E ratio 2021 45,7x
P/E ratio 2022 37,8x
EV / Sales2021 12,7x
EV / Sales2022 10,8x
Capitalization 180 B
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Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 301,97  $
Last Close Price 294,07  $
Spread / Highest target 22,4%
Spread / Average Target 2,69%
Spread / Lowest Target -52,4%
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NameTitle
Jen-Hsun Huang President, Chief Executive Officer & Director
Debora Shoquist Executive Vice President-Operations
Colette M. Kress Chief Financial Officer & Executive Vice President
William James Dally Chief Scientist & Senior Vice President-Research
Tony Tamasi Senior Vice President-Content & Technology
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