Nvidia’s Q1 revenues down 31% to $2.22 billion, beating modest estimates

CurryPanda

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Nvidia reported earnings and revenues that were well below last year’s figures, but the graphics and artificial intelligence chips company beat analyst expectations and it is climbing back up after a couple of weak quarters.

Nvidia reported revenues of $2.22 billion, down 31% from a year ago, for the first fiscal quarter ended April 28. Non-GAAP earnings per share were 88 cents, compared with $2.05 a share a year ago. But those numbers beat expectations. In after-hours trading, Nvidia’s stock was up 6% to $169.70 a share.

Analysts expected Nvidia to report earnings per share of 81 cents on revenues of $2.19 billion. For the full year, revenues are expected to be $11.05 billion. GAAP earnings are expected to be 56 cents a share.

In the past couple of quarters, the Santa Clara, California-based company was recovering from the slow launch for its new RTX graphics cards and the aftermath of the cryptocurrency bust would hurt its earnings.

Nvidia is in the middle of a refresh cycle for its graphics processing units (GPUs), based on its RTX architecture, which enables real-time ray tracing. Those chips got off to a slow start last fall as games weren’t ready to make use of them.

But the company is growing again, compared to the fourth fiscal quarter.

“Nvidia is back on an upward trajectory,” said Jensen Huang, founder and CEO of Nvidia, in a statement. “We’ve returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And Nvidia RTX has gained broad industry support, making ray tracing the standard for next-generation gaming.”

He added, “Despite the near-term pause in demand from hyperscale customers, the application of AI continues to accelerate. AI adoption is accelerating in the world’s largest industries, moving beyond the cloud to the edge where AI processing has to be instantaneous. We’re excited about our pending [$6.9 billion] acquisition of Mellanox, which will help us drive data center architecture for high-performance computing and AI from the cloud to the edge”

GPU business revenue was $2.02 billion, down 27 percent from a year earlier and up 2 percent sequentially.

The year-on-year decrease reflects declines in gaming and data center revenue, as well as the absence of $289 million of [computer maker] revenue from cryptocurrency mining processors (CMP).

Tegra Processor business revenue – which includes automotive, system-on-chip modules for gaming platforms, and embedded edge AI platforms — was $198 million, down 55% from a year ago and down 12% sequentially. The year-on-year decrease primarily reflects a decline in shipments of SOC modules for gaming platforms.

Gaming revenue was $1.05 billion, down 39% from a year ago and up 11% sequentially. The year-on-year decrease primarily reflects a decline in shipments of gaming GPUs and SOC modules for gaming platforms. The sequential increase primarily reflects growth in gaming GPUs.

Professional visualization revenue was $266 million, up 6% from a year earlier and down 9% sequentially. The year-on-year increase reflects strength across both desktop and mobile workstation products. The sequential decrease largely reflects a seasonal decline.

Data center revenue was $634 million, down 10% from a year ago and down 7% sequentially, primarily reflecting a slowdown in purchases by certain hyperscale and enterprise customers, partially offset by growth in inference sales.

Automotive revenue was $166 million, up 14% from a year earlier and up 2% sequentially, primarily reflecting growth in AI cockpit modules.

[Original equipment manufacturer] and other revenue was $99 million, down 74% from a year ago and down 15% sequentially. The year-on-year decrease is primarily due to the absence of $289 million from CMP sales.
 

Screamer-RSA

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“Nvidia is back on an upward trajectory,” said Jensen Huang, founder and CEO of Nvidia, in a statement. “We’ve returned to growth in gaming, with nearly 100 new GeForce Max-Q laptops shipping. And Nvidia RTX has gained broad industry support, making ray tracing the standard for next-generation gaming.”

Does Learher Jacket Man live in an alternate universe? Overpriced gimmic cards with 3 games has apparently become the standard 😂
 
Feb 15, 2013
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Nvidia is doomed. Or at least Jensen is. Lisa Su is smarter and more cunning than he is. The board will vote to sack him, as their cross-town rival AMD continues to enjoy a stock price surge whilst Nvidya's has plummeted over the last 6 months.

The least Jensen can do is sell his leather jacket and wear a gilet at the next conference.
 

McHuj

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I really wonder when we will see a follow up to Turing. Based on recent trends, it wouldn’t be until late next year, but I wonder if they’ll try to push something out sooner.
 

fermcr

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Hope AMD with their next GPU cards give Nvidia a run for their money. I'm fed up of seeing Nvidia overprice their cards. They need real competition...
 
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JohnnyFootball

The Last of Us may be third person, but it is hardly third person.
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Nvidia is doomed. Or at least Jensen is. Lisa Su is smarter and more cunning than he is. The board will vote to sack him, as their cross-town rival AMD continues to enjoy a stock price surge whilst Nvidya's has plummeted over the last 6 months.

The least Jensen can do is sell his leather jacket and wear a gilet at the next conference.
Is this satire? Lisa Su hasn't won jack shit over nvidia or even close. If Navi ends up being competitive and takes market share away from Nvidia then some course correction will be considered I'm sure. But until then Jensen's job is likely safe.

Unless I drastically underestimated how badly he pissed off investors over the cryptocurrency hangover.
 

Kerotan

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Oct 31, 2018
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Nvidia is doomed. Or at least Jensen is. Lisa Su is smarter and more cunning than he is. The board will vote to sack him, as their cross-town rival AMD continues to enjoy a stock price surge whilst Nvidya's has plummeted over the last 6 months.

The least Jensen can do is sell his leather jacket and wear a gilet at the next conference.
Adam Jensen?
 

nani17

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May 3, 2018
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This is mainly due to the RTX cards being such a flop. I believe only 4 games at the moment support these new features and only recently the GTX 10 series can now take advanced of ray tracing but not as good as the RTX line.

As for AMD look, we hear it every year wait for Arctic Islands wait for Vega and they haven't even come close to Nvidia and the price at times is very close to the competition. Now it's all about wait for Navi. I'm not saying Navi can't do it but fuck look how long the CPU took to catch up.

Remember wait for Bulldozer, Piledriver, Steamroller, Excavator oh Intel was in trouble every time these were announced oh R.I.P Intel and they all flopped in comparison to the competition.
 
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Pagusas

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Nvidia is doomed. Or at least Jensen is. Lisa Su is smarter and more cunning than he is. The board will vote to sack him, as their cross-town rival AMD continues to enjoy a stock price surge whilst Nvidya's has plummeted over the last 6 months.

The least Jensen can do is sell his leather jacket and wear a gilet at the next conference.
.... You dont know what you are blabbering about.
 
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Celcius

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In 2018 after the cryptocraze ended I bought a gtx 1070 Ti just to hold me over until the next gen cards came out because my gtx 780 Ti was showing it’s age. Then the Turing launch happened and the prices were revealed and the memory sizes were the same as last gen and ray tracing support was very sparse and I decided to just overclock my videocard and keep using it.

I wish I had grabbed a gtx 1080 Ti founders edition before they sold out, but many people decided to stick with pascal rather than pay the new high prices. The x080 Ti card now costs what the Titan used to cost and none of the games I play support ray tracing.
 
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Sep 29, 2011
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Hopefully their next generation of cards drop early and provide more bang for the buck than the current offering. Or AMD gets their act together and produces a line of cards for the folks that want "the best."
 

Tygeezy

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Raytracing isn't a flop, it's in it's infancy, so you're essentially an early adopter with this tech. It isn't their fault more games don't support it. It will eventually be mainstream, but somebody has to be the first.
 

SonGoku

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Aug 16, 2018
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Nvidia is doomed. Or at least Jensen is. Lisa Su is smarter and more cunning than he is. The board will vote to sack him, as their cross-town rival AMD continues to enjoy a stock price surge whilst Nvidya's has plummeted over the last 6 months.

The least Jensen can do is sell his leather jacket and wear a gilet at the next conference.
joke post?
I really wonder when we will see a follow up to Turing. Based on recent trends, it wouldn’t be until late next year, but I wonder if they’ll try to push something out sooner.
Why? all they have to do is drop prices
 
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Aintitcool

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Turing 2 and better raytracing hardware is when I'm buying a new GPU. So 2020 maybe? I'm still super hyped about ray tracing once devs use it to its full extent. Shader Model 3 was also on only a few games when it first announced and than became the standard. I see raytracing hardware as the same steps.