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Nvidia quarterly profit surges on strong gaming revenue

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Nvidia quarterly profit surges on strong gaming revenue

NVIDIA Corp. said it posted record earnings and revenue in the first quarter of its fiscal 2019.

Net income for the quarter that ended April 29 came in at $1.24 billion, or $1.98 per diluted share, up from $507 million, or 79 cents per diluted share, in the same period last year.

On a non-GAAP basis, diluted EPS was a record $2.05, up from 85 cents. S&P Capital IQ's consensus normalized EPS estimate was $1.66.

Consolidated revenue rose 66% to a record $3.21 billion for the quarter from $1.94 billion. Nvidia's gaming business drove the gain, posting revenue of $1.72 billion, up 68% from a year earlier.

Datacenter revenue surged 71% to $701 million, while professional visualization revenue rose 22% to $251 million. The automotive business generated $145 million, up 4% from a year ago.

Income from operations for the quarter jumped by 134% to $1.30 billion from $554 million.

Nvidia said it expects its second-fiscal-quarter revenue to come in at $3.10 billion, plus or minus 2%.

The visual computing company said it returned about $746 million to shareholders in the first quarter, comprising $655 million in stock buybacks and $91 million in dividends. Nvidia plans quarterly cash dividends and share repurchases totaling $1.25 billion for fiscal 2019.