NVIDIA had an Excellent First Quarter 2021: Jensen Huang

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  • In the first quarter of fiscal 2021, NVIDIA paid dividends of $98 million
  • The company’s data center business achieved a record and its first $1 billion quarter

NVIDIA has reported $3.08 billion revenue for its first quarter that ended on 26 April 2020. The figures represent a 39 per cent jump from $2.22 billion a year earlier, and a decline of one per cent from $3.11 billion in the previous quarter.

“NVIDIA had an excellent quarter. The acquisition of Mellanox expands our cloud and data center opportunity. We raised the bar for AI computing with the launch and shipment of our Ampere GPU. And our digital GTC conference attracted a record number of developers, highlighting the accelerating adoption of NVIDIA GPU computing,” stated NVIDIA founder and CEO Jensen Huang.

The company had completed its acquisition of Mellanox Technologies Ltd. on 27 April 2020, for a transaction value of $7 billion. It also transitioned its GPU technology conference to an all-digital format.

Data Center business achieved a record

In the first quarter of fiscal 2021, NVIDIA paid dividends of $98 million. Due to current market uncertainties, NVIDIA is evaluating the timing of resuming share repurchases and will remain nimble based on market conditions. NVIDIA is currently authorized to repurchase up to $7.24 billion in shares through December 2022. It remains committed to paying its quarterly dividend.

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“Our Data Center business achieved a record and its first $1 billion quarter. NVIDIA is well positioned to advance the most powerful technology forces of our time – cloud computing and AI,” Huang added.

GAAP earnings per diluted share for the quarter were $1.47, up 130 per cent from $0.64 a year ago, and down four per cent from $1.53 in the previous quarter. Non-GAAP earnings per diluted share were $1.80, up 105 per cent from $0.88 a year earlier, and down five per cent from $1.89 in the previous quarter.

“As the world battles COVID-19, we salute the first responders, healthcare workers, and service workers who courageously step in harm’s way to save lives and keep the world going. We also thank the scientists around the world racing to find a vaccine for COVID-19,” Huang said.

NVIDIA’s outlook for the second quarter of fiscal 2021 includes the impact from the acquisition of Mellanox, which closed on the first day of the second quarter. Revenue is expected to be $3.65 billion, plus or minus two per cent. Mellanox is expected to contribute a low-teens percentage of combined second quarter revenue.

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