Shares in US chipmaker Nvidia climbed 7 per cent in after-market trading on Thursday after quarterly numbers that showed a hoped-for rebound at the chipmaker was still on track, despite the latest economic and political uncertainties.
Revenue of $2.58bn in the latest quarter was down 17 per cent from a year ago, reflecting an across-the-board fall-off from gaming, data centre and blockchain mining customers. However, that still represented a 16 per cent sequential increase from the first quarter of the year and was slightly ahead of most analysts’ estimates.
Nvidia also forecast revenue of around $2.9bn in the current quarter, pointing to a continuation of its recovery despite the tremors that have hit the stock market this week.
The chipmaker’s latest earnings also topped forecasts, despite being down heavily from a year ago. On a pro forma basis, it reported earnings per share of $1.24, down from $1.94 in the same period in 2018 but still 10 cents ahead of most forecasts.
Nvidia’s shares had been on a rebound until the August doubts that have hit tech stocks more broadly, starting with President Donald Trump’s threat of new tariffs against China. They currently stand 45 per cent below the peak hit last autumn.
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