NVIDIA Corp (NASDAQ:NVDA) shares are trading lower in Wednesday's after-hours session after the company reported better-than-expected financial results and issued guidance below analyst estimates.
Nvidia said first-quarter revenue grew 46% year-over-year to $8.29 billion, which beat the estimate of $8.12 billion, according to data from Benzinga Pro.
The company reported quarterly adjusted earnings of $1.36 per share, which beat the estimate of $1.29 per share. Earnings were down 15% year-over-year, but include an after-tax impact of 52 cents related to the $1.35 billion Arm acquisition termination charge.
"We delivered record results in Data Center and Gaming against the backdrop of a challenging macro environment," said Jensen Huang, founder and CEO of Nvidia.
"Data Center has become our largest platform, even as Gaming achieved a record quarter."
Nvidia said it expects second-quarter revenue of $8.1 billion, plus or minus 2%, versus the estimate of $8.45 billion. The company said its forecast includes an estimated reduction of approximately $500 million related to Russia and COVID-19 lockdowns in China.
"We are gearing up for the largest wave of new products in our history with new GPU, CPU, DPU and robotics processors ramping in the second half. Our new chips and systems will greatly advance AI, graphics, Omniverse, self-driving cars and robotics, as well as the many industries these technologies impact," Huang added.
See Also: How Nvidia Stock Looks Heading Into Q1 Earnings Print
NVDA Price Action: Nvidia has traded between $151.76 and $346.47 over a 52-week period.
The stock was down 9.93% at $152.60 at press time.
Photo: courtesy of Nvidia.
