SUBSCRIBE

CATEGORIES

Nvidia says first-quarter sales to be above prior forecast of $5.3 billion

imageStock Markets11 minutes ago (Apr 12, 2021 02:40PM ET)

(C) Reuters. FILE PHOTO: The logo of technology company Nvidia is seen at its headquarters in Santa Clara

(Reuters) – Chipmaker Nvidia (NASDAQ:NVDA) Corp said on Monday total revenue from its first quarter would be above its earlier forecast $5.3 billion.

The company’s shares, which rose on the back of a slew of product announcements during the session, were up more than 6%.

“While our fiscal 2022 first quarter is not yet complete, Q1 total revenue is tracking above the $5.30 billion outlook,” Chief Financial Officer Colette Kress said in a statement.

“We expect demand to continue to exceed supply for much of this year,” Kress added.

Earlier on Monday, Nvidia said it was planning to make a server processor chip based on technology from Arm Ltd, putting it in the most direct competition yet with rival Intel Corp (NASDAQ:INTC).

Nvidia says first-quarter sales to be above prior forecast of $5.3 billion

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.