(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
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