Nvidia (NVDA) beat Wall Street expectations again.
After the market close today, November 21, the company reported adjusted earnings per share of $4.02 on revenue of $18.12 billion for its fiscal third quarter.
Analysts had projected adjusted earnings per share of $3.36 and revenue of $16.1 billion. Data center revenue was $14.51 billion versus and an expected $12.82 billion. Gaming revenue was $2.86 billion versus an expected $2.7 billion.
The company’s guided investors to expect revenue for the current quarter of $20 billion, plus or minus 2%; the average for analyst had been for fourth quarter guidance of $17.8 billion.
New restrictions on chip exports to China had been a worry going into the report and CFO Colette Kress confirmed that the restrictions will impact the company’s sales moving forward. “Our sales to China and other affected destinations, derived from products that are now subject to licensing requirements, have consistently contributed approximately 20% to 25% of Data Center revenue over the past few quarters,” Kress said in a release. “We expect that our sales to these destinations will decline significantly in the fourth quarter of fiscal 2024, though we believe the decline will be more than offset by strong growth in other regions.”
While Nvidia beat the analyst average for fourth-quarter guidance, the company didn’t satisfy the highest projections, which ran all the way up to $21 billion for fourth quarter revenue.
The stock closed at a record high of $504.09 per share on Monday. Today in early after-hours trading the shares were off 0.73%.
