Nvidia’s beats estimates with quarterly revenue of $7.19B, down 13% from year ago

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Nvidia reported revenues of $7.19 billion for the first fiscal quarter ended April 30, down 13% from a year ago. But it beat expectations on Wall Street in the quarter.

The maker of AI and graphics chips said it had record data center revenue of $4.28 billion, up from 14% from a year ago. That’s a sign that data center customers are on a recovery path. In after-hours trading, Nvidia’s stock price is up to $361.40 a share, up 18%.

Analysts expected Nvidia to post adjusted earnings of 92 cents a share, but Nvidia came in at $1.09 a share, or $2.7 billion, in adjusted net income. That was down 20% from a year ago and up 24% from the previous quarter. Wall Street had only expected $6.53 in revenues in the quarter.

First-quarter revenue was $2.24 billion, down 38% from a year ago and up 22% from the previous quarter. Announced the GeForce RTX 4060 family of GPUs, bringing the advancements of Nvidia Ada Lovelace architecture and DLSS, starting at $299.

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Nvidia launched the GeForce RTX 4070 GPU based on the Ada architecture, which enables DLSS 3, real-time ray-tracing and the ability to run most modern games at over 100 frames per second at 1440p resolution. It also added 36 DLSS gaming titles, bringing the total number of games and apps to 300. And Nvidia expanded GeForce Now’s game titles to more than 1,600.

First-quarter revenue was a record $4.28 billion, up 14% from a year ago and up 18% from the previous quarter. The