Nvidia Corporation (NASDAQ: NVDA) on Thursday reported a sharp increase in first-quarter earnings, which also surpassed the market’s projection. Shares of the semiconductor giant dropped during the extended trading session, following the announcement.
Adjusted profit climbed to $1.80 per share in the first quarter from $0.88 per share last year. Net earnings more than doubled to $1.47 per share from $0.64 per share in the first quarter of 2020. The bottom-line also topped the Street view.
Revenue rose 39% annually to $3.08 billion and came in above the market’s prediction. The management also provided guidance for the second quarter of 2021.
The company’s stock closed Thursday’s regular trading sharply lower and continued to lose in the after-hours session. The stock’s value rose 46% since the beginning of 2020 and more than doubled in the past twelve months.