Nvidia Caps Record Year With Big Q4 Earnings Beat
NVIDIA Corporation (NASDAQ: NVDA) shares spiked in after-hours trading after posting a big fourth quarter earnings beat.
The company reported fourth quarter adjusted earnings of $1.72 per share, beating estimates by 56 cents. Sales came in at a record $2.91 billion, beating estimates by $230 million.
"We achieved another record quarter, capping an excellent year," said Jensen Huang, founder and CEO of Nvidia. "In a powerful sign of our progress, attendees at Nvidia's GPU Technology Conferences reached 22,000, up tenfold in five years, as software developers working in AI, self-driving cars, and a broad range of other fields continued to discover the acceleration and money-saving benefits of our GPU computing platform.
Nvidia sees Q1 sales of $2.9 billion, plus or minus 2 percent, against estimates of $2.47 billion.
"Industries around the world are racing to incorporate AI. Virtually every internet and cloud service provider has embraced our Volta GPUs. Hundreds of transportation companies are using our Nvidia DRIVE platform. From manufacturing and healthcare to smart cities, innovators are using our platform to invent the future," Huang said.
Click here for full results.
- Record revenue, up 34 percent year-over-year
- Record quarterly GAAP gross margin of 61.9 percent
- Record full-year GAAP EPS of $4.82, up 88 percent year-over-year
Shares rose more than 9 percent to $239 in after-hours trading. The stock is up 10 percent in the year-to-date period.
© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.