SYNA - Nvidia surges as Q1 results guidance smash expectations

2023-05-24 16:26:53 ET

Nvidia ( NASDAQ: NVDA ) shares surged more than 10% in extended-hours trading on Wednesday after the semiconductor giant posted first-quarter results that topped expectations and blew away forecasts for the upcoming period.

For the period ending April 30, Nvidia ( NVDA ) earned $1.09 per share, excluding one-time items, as revenue came in at $7.19B.

Included in the $7.19B in sales was $4.28B in data center revenue and $2.24B in gaming related revenue.

Analysts were expecting the company to earn 92 cents per share and $6.52B in revenue.

Looking ahead, the company said it expects second-quarter revenue to be $11B, plus or minus 2%, well above the $7.18B analysts were expecting.

The company added it is "significantly" increasing its supply for products related to its data center business amid the surge in interest surrounding artificial intelligence.

Marvell Technology ( MRVL ), Advanced Micro Devices ( AMD ) and Synaptics ( SYNA ) all traded higher on back of Nvidia's ( NVDA ) results.

The company will host a conference call at 5 p.m. EST to discuss the results.

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