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Nvidia sales and revenue hit record highs as video games and server chips rise

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Nvidia Headquarters in Santa Clara, California.

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Quarterly results from Nvidia Corp. blew past estimates to record highs on Wednesday, with sales exceeding $ 4 billion for the first time as the chipmaker rolled out new gaming cards and demand from data centers remained high.

And the company expects game sales to keep that momentum going.

On the analyst call, Jensen Huang, Nvidias NVDA,
+ 0.04%
founder and managing director, said demand for the company’s new RTX 30 gaming card series is overwhelming.

This is going to be one of our most successful ramps to date, and it gives our install base of some 200 million GeForce players and more the best reason to upgrade in over a decade, said Huang on the call. And so it’s going to be a really big generation for us, I guess.

Nvidia launched new gaming chips in the quarter, based on a new design that rolled out in its server chips the previous quarter, when data center sales outperformed game sales for the first time. times. The rollout of new game cards in September turned the tide: game sales jumped 37% to a record $ 2.27 billion, while data center sales were up 8% from in the previous quarter rose 162% to $ 1.9 billion from the previous year, also a record. high.

Analysts polled by FactSet were forecasting game sales of $ 2.06 billion and data center sales of $ 1.84 billion.

Nvidia reported third-quarter net income of $ 1.34 billion, or $ 2.12 per share, compared to $ 899 million, or $ 1.45 per share, in the same period a year earlier. Adjusted earnings were $ 2.91 per share, compared to $ 1.78 per share in the last year quarter. Revenue climbed to $ 4.73 billion from $ 3.01 billion in the quarter last year.

Analysts polled by FactSet had forecast earnings of $ 2.58 per share on revenue of $ 4.42 billion. Nvidia had forecast revenue of $ 4.31 billion to $ 4.49 billion.

For the fourth quarter, Nvidia may have to set even more records, forecasting revenue of $ 4.7 billion to $ 4.9 billion, while analysts forecast revenue of $ 4.4 billion on average.

Given the third quarter results, Nvidia predicted that segment sales would go in opposite directions than Wall Street analysts expected.

We expect the game to increase sequentially during what is typically a seasonally down quarter as we continue to develop our new RTX 30 series products, said Colette Kress, CFO of Nvidias, during of the analysts call. We expect the data center to decline slightly from the third quarter.

Analysts had forecast $ 1.96 billion in fourth-quarter gaming revenue, which would equate to a 13% sequential decline and $ 1.93 billion in data center sales, a sequential increase of $ 1. 6%.

In games, Nvidia is taking advantage of more people staying home and playing, said Patrick Moorhead, senior analyst at Moor Insights and Strategy. I will be watching closely over the next quarter for impacts on competition and improvements due to the fall of major game titles.

Shares slipped about 3% in after-hours trading during the conference call, compared to 0.3% just before the call. Shares rose less than 0.1% in the regular session to close at $ 537.15. Shares of Nvidia are up 128% for the year, while the PHLX Semiconductor Index SOX,
-0.72%
gained 37%, the S&P 500 SPX index,
-1.15%
increased by 10% and the Nasdaq Composite Index COMP,
-0.82%
has grown 32% since the start of the year.

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