Nvidia up more than 17% on bullish outlook

Key Points
  • Nvidia beat Street estimates on the top and bottom lines.
  • Revenues were up 48 percent from a year ago.
NVIDIA President and CEO Jen-Hsun Huang
Robert Galbraith | Reuters

Nvidia shares jumped more than 17 percent Wednesday, riding on the coattails of strong earnings.

The company reported earnings of 79 cents a share on $1.94 billion in revenue, beating consensus of 66 cents a share on $1.91 billion in revenue. More importantly, Nvidia's revenue was up 48 percent from a year ago, while GAAP EPS was up 126 percent.

Nvidia also gave very strong guidance for the second quarter, calling for $1.95 billion in revenue plus or minus 2 percent. The company is bullish on its data-center GPU business and its prospects in artificial intelligence.

"The A.I. revolution is moving fast and continuing to accelerate," Nvidia CEO Jensen Huang said in a release.

"Our Datacenter GPU computing business nearly tripled from last year, as more of the world's computer scientists engage deep learning. One industry after another is awakening to the power of GPU deep learning and A.I., the most important technology force of our time," he said.

Correction: This story was revised to correct that Nvidia's second quarter revenue guidance is $1.95 billion plus or minus 2 percent. The upper range had been misstated.