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Summary
- NVIDIA’s revenue from the gaming segment jumped 106 percent.
- Snowflake expects its product revenue to be around US$235 in Q2.
NVIDIA Corporation (NASDAQ: NVDA) posted an 84 percent year-over-year growth in its fiscal first-quarter revenue. Snowflake (NYSE:SNOW) raised its product revenue outlook for fiscal 2022 after reporting a wider net loss in the first quarter.
Both the companies, which published their results after the markets closed on Wednesday, saw strong topline growth that surpassed their estimates.
NVIDIA Corporation
The technology giant’s revenue in the first quarter ended May 2 totaled US$5.66 billion, up from US$3.08 billion in the same quarter the previous year.
NVIDIA, which designs graphic cards for gaming, saw its revenue jump 106 percent year over year in the gaming segment to US$2.76 billion.
Revenue from the data center rose 79 percent during the quarter to US$2.05 billion, while revenue from Professional Visualization platforms was US$372 million, up 21 percent.
However, the company’s automotive unit, which makes processors for autonomous vehicles, recorded a 1 percent year over year decline in its revenue to US$154 million.
NVIDIA’s net income during the quarter more than doubled to US$1.91 billion, or US$3.03 per share. Non-GAAP net income also rose to US$2.31 billion, or US$3.66 per share, from US$1.12 billion, or US$1.18 per share in the year-ago quarter.
Meanwhile, the company said it anticipates US$6.30 billion in second-quarter revenue.
NVIDIA board recently declared a four-for-one stock split, subject to shareholder approval at its annual meeting on June 3. The split will take the company’s authorized common stock to 4 billion shares.
The stock ended trading on May 26 at US$ 628.00, up over 19 percent year to date.
READ MORE: Decline in Data Center Revenue Pulls Intel’s Stock Down
Source: Pixabay
Snowflake (NYSE:SNOW)
The California-based cloud database company’s first-quarter revenue came in at US$228.9 million, against US$108.8 million in the year-ago quarter. Product revenue totaled US$213.8 million, up 110 percent.
Snowflake’s customers totaled 4,532, of which 104 customers have a trailing 12-month product revenue of over US$1 million.
However, the company’s total operating expense doubled to US$337.2 million from US$162.7 million in the previous year’s quarter.
Net loss during the quarter ballooned to US$203.2 million, or 70 cents per share, from a loss of US$93.6 million, or US$1.72 per share, in the year-ago period.
In the fiscal second quarter, Snowflake forecasts product revenue to be in the range of US$235 to US$240, which would represent a growth of up to 92 percent. For the full fiscal year 2022, the company projects product revenue in the range of US$1.02 billion and US$1.04 billion.
Snowflake’s stock fell over 3.5 percent in the aftermarkets trading on Wednesday.
