2023-05-26 07:23:00 ET
For the last couple of years, the semiconductor industry has battled its share of challenges. From supply chain disruptions to chip shortages, companies like Nvidia (NASDAQ: NVDA) have seen better days. Well folks, things may have just turned around.
Nvidia reported financial results for its first quarter and the stock went absolutely bonkers, jumping 24% in a single day. There is a lot to unpack from the earnings report. Let's get to it.
For Nvidia's first quarter ended April 30, the company posted total revenue of $7.2 billion, which represented a decline of 13% year over year. While data center revenue increased 14% year over year, reaching a record of $4.3 billion, the company's gaming segment declined a whopping 38% from the prior year. One thing to point out about Nvidia's all-time record in data center business is that its competition, namely Advanced Micro Devices , saw flat growth from its data center division during Q1.
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