Photo by Ethan Miller/Getty Images
- Nvidia topped Wall Street's earnings expectations on Thursday but cut its third-quarter revenue forecast.
- The chipmaker now expects third-quarter revenue to be around $3.25 billion where the Street had previously expected $3.34 billion.
- Follow Nvidia's stock price in real-time here.
Shares of Nvidia fell 6% in after-hours trading Thursday following a guidance cut from the chipmaker despite posting second-quarter earnings that topped Wall Street's expectations.
Here are the key figures:
Earnings: $1.94 per share where analysts had expected $1.85.
Revenue: $3.12 billion where analysts had expected $3.11 billion.
"Growth across every platform – AI, Gaming, Professional Visualization, self-driving cars – drove another great quarter," Jensen Huang, Nvidia's chief executive, said in a press release.
"Fueling our growth is the widening gap between demand for computing across every industry and the limits reached by traditional computing. Developers are jumping on the GPU-accelerated computing model that we pioneered for the boost they need."
The company also announced plans to return $1.25 billion to shareholders in fiscal year 2019, starting with a $0.15 dividend per share on September 21 to all shareholders on record as of August 30.
For the third quarter, Nvidia forecasted its revenue to be within 2% of $3.25 billion where the Street had expected $3.34 billion.
Shares of Nvidia closed down 0.35% Thursday after falling as much as 1.5% in regular trading ahead of the report.
- The legendary investor who predicted the past 2 bubbles breaks down how the 9-year bull market will end
- CREDIT SUISSE: Turkey's currency crisis is unlike many others in recent history, and there are 2 trades that could rake in profits
- There’s a $1 trillion question hanging over stocks right now — and the answer could determine the ultimate fate of the market