Nvidia's revenue was down year over year again, but it still beat estimates, sending the stock upward.
Jensen Huang, president and CEO of Nvidia, speaks during the Computex Show in Taipei on May 30, 2017.stock rose 6% on Thursday after hours, after the company reported better-than-expected fiscal-second quarter earnings.$1.24 per share, excluding certain items, vs. $1.15 per share as expected by analysts, according to Refinitiv.Nvidia's revenue fell 17% on an annualized basis in the quarter, which ended on July 28, according to a statement.
With respect to guidance, Nvidia says that in the fiscal third quarter it expects $2.90 billion in revenue, plus or minus 2%. That's below the $2.97 billion consensus estimate among analysts polled by Refinitiv. Nvidia said it estimates gross margin in the fiscal third quarter to be 62.5%, plus or minus 50 basis points; analysts polled by FactSet had been looking for 60.2%.
Prior to earnings, shares of Nvidia had risen 11% since the start of 2019. In the fiscal second quarter Nvidia announced
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