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Nvidia revenue jumps 84% from last year as gamers demand graphics chips

Mount Equity Group Tokyo, Japan > News > Tech > Nvidia revenue jumps 84% from last year as gamers demand graphics chips

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NVDAJen-Hsun Huang, president and chief executive officer of Nvidia Corp., speaks during the company’s event at Mobile World Congress Americas in Los Angeles on Oct. 21, 2019.Patrick T. Fallon | Bloomberg | Getty Images

Nvidia reported first quarter results for its fiscal 2022 on Wednesday, with sales growing 84% compared to last year.

Earnings and sales both beat Wall Street expectations, but the shares were basically unchanged in extended trading.

Here’s how the chipmaker did, versus Refinitiv consensus estimates:

Revenue: $5.66 billion versus $5.41 billion estimatedEarnings: $3.66, adjusted, versus $3.28 per share estimated

Nvidia’s earnings come during a period of sustained, massive growth in its business amid a shortage of semiconductors worldwide.

The number-crunching graphics processors Nvidia makes are essential for PC games, artificial intelligence, and cryptocurrency mining. Nvidia said it expected $6.30 billion in revenue in the current quarter.

Its graphics segment, mostly graphics cards, was up 81% to $3.45 billion in revenue. Nvidia said that sales of its consumer GeForce GPUs drove the increased revenue, in addition to chips it sells to game console makers.

Broken down by market platform instead of reportable segment, Nvidia said its Gaming products were up 106% on an annual basis to $2.76 billion in sales.

The compute