Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports

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Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports
Mizter_x94 / Pixabay

Nvidia and Eastman Kodak released the earnings results from their most recently completed quarters after closing bell tonight. Nvidia posted adjusted earnings of 33 cents per share, a 14% year over year increase, on $1.15 billion in revenue, a 4% increase from last year, for its first fiscal quarter of 2016. Analysts had been expecting earnings of 25 cents per share on $1.16 billion in revenue. In the first quarter of fiscal 2015, the company reported earnings of 29 cents per share on $1.1 billion in revenue.

Eastman Kodak posted sales of $427 million, a $61 million decline year over year due to currency headwinds and falling sales of legacy products. Net losses plunged from $34 million last year to $54 million. Losses from continuing operations before taxes rose $10 million.

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Key metrics from Nvidia’s earnings report

Nvidia’s net earnings were 24 cents per share, which was flat with last year. The company’s GAAP gross margin increased to 56.7%, setting a new record.

Nvidia also announced plans to wind down or sell its Icera modem segment, which it expects to benefit its non-GAAP operating expenses in the second half of the year. The company said it will then focus on deep learning, self-driving cars and gaming. Nvidia expects to restructuring charges of between $100 million and $125 million, mostly during the 2016 fiscal year.

For the second fiscal quarter, Nvidia expects about $1.01 billion in revenue, +-2%, missing the consensus estimate of $1.18 bi