Nvidia forecasts second-quarter revenue above estimates

REUTERS: Nvidia Corp reported a better-than-expected quarterly profit and forecast second-quarter revenue above analysts’ estimates on strong demand for its gaming chips and higher sales to data centres, sending its shares up more than 4per cent.

The company forecast revenue of US$2.55 billion, plus or minus 2per cent, for the quarter, above analysts’ expectations of US$2.53 billion, according to IBES data from Refinitiv.

Nvidia’s net income fell to US$394 million, or 64 cents per share, in the first quarter ended April 28 from US$1.24 billion, or US$1.98 per share, a year earlier.

Excluding items, Nvidia earned 88 cents per share, while analysts had expected a profit of 81 cents per share. Total revenue fell to US$2.22 billion, but was still above analysts’ estimates of US$2.20 billion.

(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Anil D’Silva)