NVIDIA Corporation 2Q F2018 Earnings Beat Sends Shares Lower

NVIDIA Corporation 2Q F2018 Earnings Beat Sends Shares Lower
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NVIDIA 2Q F2018 earnings were released after closing bell tonight, and the chip maker reported GAAP earnings of 92 cents per share on $2.23 billion in sales. Consensus had been looking for GAAP earnings of 70 cents per share on $1.96 billion in revenue. NVIDIA’s outlook was for sales of $1.91 billion to $1.99 billion in sales.

In the second quarter of its fiscal 2017, the chip maker reported $1.43 billion in revenue, GAAP earnings of 41 cents per share, and non-GAAP earnings of 53 cents per share.

NVIDIA 2Q F2018 earnings

On a non-GAAP basis, NVIDIA 2Q F2018 earnings rose to $1.01 per share from 53 cents per share a year ago. The chip maker’s non-GAAP gross margin expanded 50 basis points year over year to 58.6% from 58.1% last year, while its GAAP gross margin also expanded 50 basis points, rising to 58.4% from57.9% last year. NVIDIA management cites automotive, gaming as strengths.

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“A growing number of car and robot-taxi companies are choosing our DRIVE PX self-driving computing platform,” NVIDIA Founder and CEO Jensen Huang said in a statement. “And in Gaming, increasingly the world’s most popular form of entertainment, we power the fastest growing platforms – GeForce and Nintendo Switch. Nearly every industry and company is awakening to the power of AI. Our new Volta GPU, the most complex processor ever built, delivers a 100-fold speedup for deep learning beyond our best GPU of four years ago.”

NVIDIA provides guidance

For its third fiscal quarter, NVIDIA expects revenue to be about $2.35 billion, plus or minus 2%. Wall Street is expecting about $2.1 billion in revenue and 90 cents per share in non-GAAP earnings for the company’s October quarter. The chip maker expects the GAAP gross margin to be 58.6%, plus or minus 50 basis points, and its non-GAAP gross margin to be about 58.8%, also plus or minus 50 basis points.

Of note, Andrew Left of Citron Research told CNBC’s Fast Money that he shorted the chip maker just before NVIDIA 2Q 2018 earnings were released. As a result, he’s profiting off NVIDIA 2Q F2018 earnings, as the chip maker’s stock slumped in after-hours trade falling by more than 4% to as low as $157.95, although Left has said he expects it to fall much further at some point.

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