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NVIDIA Beats - Guides Up

August 19, 2021

NVIDIA reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 percent from a year earlier and up 15 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.

GAAP earnings per diluted share for the quarter were $0.94, up 276 percent from a year ago and up 24 percent from the previous quarter. Non-GAAP earnings per diluted share were $1.04, up 89 percent from a year ago and up 14 percent from the previous quarter.

Wall Street was only looking for Non-GAAP earnings of $1.01 with revenue of $6.33. NVIDIA guided $6.8 billion in revenue in the current quarter, topping expectations of $6.5 billion.

“NVIDIA’s pioneering work in accelerated computing continues to advance graphics, scientific computing and AI,” said Jensen Huang, founder and CEO of NVIDIA.

“Enabled by the NVIDIA platform, developers are creating the most impactful technologies of our time – from natural language understanding and recommender systems, to autonomous vehicles and logistic centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics.

“This quarter, we launched NVIDIA Base Command and Fleet Command to develop, deploy, scale and orchestrate the AI workloads that run on the NVIDIA AI Enterprise software suite. With our new enterprise software, wide range of NVIDIA-powered systems and global network of system and integration partners, we can accelerate the world’s largest industries racing to benefit from the transformative power of AI.

“We are thrilled to have launched NVIDIA Omniverse, a simulation platform nearly five years in the making that runs physically realistic virtual worlds and connects to other digital platforms. We imagine engineers, designers and even autonomous machines connecting to Omniverse to create digital twins and industrial metaverses,” he said.

NVIDIA paid quarterly cash dividends of $100 million in the second quarter. It will pay its next quarterly cash dividend of $0.04 per share on September 23, 2021, to all shareholders of record on September 1, 2021.

On July 19, 2021, the company completed a four-for-one split of its common stock in the form of a stock dividend to shareholders of record as of June 21, 2021. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.

NVIDIA’s outlook for the third quarter of fiscal 2022 is as follows:

  • Revenue is expected to be $6.80 billion, plus or minus 2 percent.
  • GAAP and non-GAAP gross margins are expected to be 65.2 percent and 67.0 percent, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $1.96 billion and $1.37 billion, respectively.
  • GAAP and non-GAAP other income and expense are both expected to be an expense of approximately $60 million, excluding gains and losses on equity securities.
  • GAAP and non-GAAP tax rates are both expected to be 11 percent, plus or minus 1 percent, excluding any discrete items such as excess tax benefits or deficiencies related to stock-based compensation.

Highlights

NVIDIA achieved progress since its previous earnings announcement in these areas:

Gaming

Data Center

Professional Visualization

  • Second-quarter revenue was a record $519 million, up 156 percent from a year earlier and up 40 percent from the previous quarter.
  • Expanded NVIDIA Omniverse™, the world’s first 3D, real-time simulation and collaboration platform, through new integrations with Blender and Adobe, applications used by millions of users.
  • Launched the NVIDIA RTX A2000, which brings RTX to the volume segment of the desktop workstation market and enables a range of new form factors from backs of displays to edge devices.

Automotive

  • Second-quarter revenue was $152 million, up 37 percent from a year earlier and down 1 percent from the previous quarter.
  • Announced that self-driving startup AutoX’s Gen5 robotaxi platform uses NVIDIA DRIVE® to achieve level 4 autonomy.
  • Collaborated with autonomous trucking company Plus on plans to provide Amazon with at least 1,000 self-driving systems, which are powered by NVIDIA DRIVE.
  • Announced that autonomous trucking platform startup Embark is using NVIDIA DRIVE to create systems for Freightliner, Navistar International, PACCAR and Volvo.

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