November 19, 2021: -On Wednesday, Nvidia stock increased over 5% in extended trading after it reported earnings for its third fiscal quarter that beat expectations for both earnings and sales.
The company issued a bullish forecast for revenue in the quarter ending in January.
Nvidia said it expects to report nearly $7.4 billion in the current quarter, ending in January, higher than analysts expected $6.86 billion.
Nvidia stock has been on a big run, with shares up over 124% year to date. The company had demanded that it could fill, especially for its hard-to-find GeForce graphics cards popular with gamers.
The company is making significant gains in data centers, where cloud providers and big enterprises are turning to Nvidia’s graphics processor for artificial intelligence applications.
Nvidia is reporting $2.9 billion in data center sales, up 55% from $1.9 billion in the same quarter in the previous year. Nvidia CFO Colette Kress wrote that GPU sales drove the growth to “hyperscale customers,” an industry term that means cloud providers like Amazon AWS, Microsoft Azure, and Google Cloud.
Kress said customers use the chips for tasks such as understanding human speech and crunching data to offer customer recommendations.
Gaming, Nvidia’s biggest market, reported $3.2 billion in sales, up 42% from $2.27 billion in the same quarter in the previous year. The company said it was primarily because of increased sales of its GeForce consumer graphics processors, but the supply remained limited.
The company said that Nvidia’s gaming graphics cards now have software that prevents them from being used for cryptocurrency mining. Nvidia introduced dedicated graphics cards for crypto mining earlier this year to help meet some of the demand. It said it sold $105 million in cryptocurrency-specific graphics cards, down from $266 million in the quarter ending in August.
Nvidia’s automotive business remains a small part of its sales, even as rival chipmakers invest heavily in the hope that it becomes a multibillion-dollar market in the next decade.
Nvidia said automotive sales were $135 million, up 8% annually but 11% from the previous quarter. Nvidia said the sequential decline occurred because automakers had other supply constraints, but self-driving programs using its processors continue to ramp up.
Nvidia’s professional visualization product line increased 144% annually to $577 million. That business is primarily high-end graphics processors for professionals, and the segment continues growing as firms buy powerful laptop workstations for their staff to use at home.
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Corporate leaders play a pivotal role in shaping organizational cultures that embrace diversity and foster inclusivity. How can these …
Corporate leaders occupy a unique vantage point in the business world, offering insights and guidance shaped by their …
Corporate leaders today stand at the nexus of unprecedented technological evolution, where digital transformation reshapes industries and redefines …
Corporate leaders stand at the helm of their organizations, often tasked with making decisions that can steer their companies toward …
Corporate leaders are often tested by crises that threaten the very foundation of their organizations. How do these leaders navigate turbulent …
Corporate leaders often navigate turbulent waters where failure is not just a possibility but an inevitable part of the journey …
Shares of Lululemon Athletica Inc. experienced a significant surge after the company reported strong quarterly earnings driven by robust international …
Systems thinking is an approach that focuses on understanding how different parts of a system interact and influence one another within a whole. It is a holistic framework considering interrelationships and patterns rather than static snapshots. By expanding perspectives, systems thinking clarifies complex situations and can spur innovation.
A definite ‘NO’ to the question if struggling families had child care asked by a group of committed volunteers in the San Fernando Valley in 1974, urged the volunteers to look for a way to support families struggling to find quality child care, development, and education services for their families. That year, the San Fernando Valley Child Care Consortium and the Mayor’s Child Care and Junior Task Force proposed the first child care resource center in the San Fernando Valley. Doris McLain was elected chairperson as Mayor Bradley accepted the proposal and gave the newly founded Child Care Resource Center (CCRC) space in Van Nuys City Hall Center. CCRC began 45 years to help working moms find child care.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
