Nvidia stock rockets up after earnings beat
- The stock jumped more than 13 percent on earnings.
- The company gave strong guidance for the second quarter.
Nvidia jumped more than 13 percent in after-hours trading after earnings crushed Wall Street estimates.
The company reported $0.79 EPS on $1.94 billion in revenue, beating consensus of $0.66 EPS 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.
The company also gave very strong guidance for the second quarter, calling for $1.95 billion in revenue plus or minus two percent.
Nvidia was particularly bullish on its data-center GPU business and its prospects in artificial intelligence.
"The AI revolution is moving fast and continuing to accelerate," 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 AI, 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.