Nvidia Corp on Thursday said new high-end graphics chips for video gamers was br...
- Nvidia Corp on Thursday said new high-end graphics chips for video gamers was bringing its core business back to “normalized” levels and raising profitability, as the company posted quarterly results ahead of Wall Street targets, sending shares up 5% in extended trading.
Chief Executive Jensen Huang said gaming laptops able to handle sophisticated games and artificial intelligence models able to handle real-time chat bots were driving demand. The new video game chips use so-called ray tracing technology, which creates pictures by calculating how light hits objects, and students returning to school are buying laptops with the high-end silicon.
The results come against the backdrop of a slowing industry, with research firm Gartner forecasting a 9.6% drop in global semiconductor revenue in 2019. U.S.-China trade tensions, including tariffs on some products, are pressuring chipmakers. Total revenue in the second quarter fell 17% to $2.58 billion but topped Wall Street targets of $2.55 billion, according to IBES data from Refinitiv. Revenue was up 16% from the previous quarter.
The company said it expects third-quarter revenue of $2.9 billion, plus or minus 2%. Analysts on average were expecting revenue of $2.97 billion, according to IBES data from Refinitiv.
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