Graphics chip maker Nvidia reports 1st-quarter profit as revenue climbs 51 percent

Nvidia posts 1Q profit as revenue climbs 51 pct

SANTA CLARA, Calif. — Nvidia Corp. said Thursday that it posted a profit in its fiscal first quarter, with strong sales helping the graphics chip maker recover from a deep loss in the same period a year earlier.

For the three months ended May 2, Nvidia’s net income was $137.6 million, or 23 cents per share. In the same period last year, the company recorded a net loss of $201.3 million, or 37 cents per share.

Analysts surveyed by Thomson Reuters had predicted net income of 21 cents per share for the latest quarter.

Revenue jumped 51 percent to $1 billion from $664.2 million in the year-ago quarter, more than the $986.2 million analysts predicted.

For the current quarter, Nvidia said it expects revenue to fall 3 percent to 5 percent from the first quarter. That would amount to roughly $952 million to $972 million in revenue, less than Wall Street’s forecast of $991 million.

Shares of Nvidia fell 3 cents to close at $14.65.