American tech firm Nvidia Corp. grew its bottom line by 109% in the first quarter, as revenue from its key business segments posted double digit increases.
- Nvidia reported first-quarter net income at $1.912 billion from $917 million the same quarter in 2020 and $1.457 billion in the fourth quarter.
- Earnings per diluted share surged 106% to $3.03 from $1.47 in first-quarter 2020 and $2.31 in the fourth quarter.
- Revenue climbed 84% to $5.661 billion from $3.080 billion in the first quarter last year and $5.003 billion in the previous quarter.
- CEO Jensen Huang said Mellanox has exceeded expectations in the past year and transformed Nvidia into a data-center-scale computing firm.
- Nvidia is closing in on its planned acquisition of Arm to accelerate innovation and growth.
- For the second quarter, revenue is expected to hover around $6.30 billion, gross margins around 64.6%, and tax rates at 10%.
NVDA: Nasdaq is up 0.60% premarket.