Artificial Intelligence (AI) Stock News Bites: NVIDIA (NASDAQ: $NVDA) Reports Financial Results for Fourth Quarter and Fiscal 2020
February 14, 2020 Investorideas.com (www.investorideas.com) Artificial Intelligence (AI) Stock News Bites- NVIDIA (NASDAQ: NVDA) yesterday at the close of market reported revenue for the fourth quarter ended Jan. 26, 2020, of $3.11 billion, up 41 percent from $2.21 billion a year earlier, and up 3 percent from $3.01 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $1.53, up 66 percent from $0.92 a year ago, and up 6 percent from $1.45 in the previous quarter. Non-GAAP earnings per diluted share were $1.89, up 136 percent from $0.80 a year earlier, and up 6 percent from $1.78 in the previous quarter.
For fiscal 2020, revenue was $10.92 billion, down 7 percent from $11.72 billion a year earlier. GAAP earnings per diluted share were $4.52, down 32 percent from $6.63 a year earlier. Non-GAAP earnings per diluted share were $5.79, down 13 percent from $6.64 a year earlier.
"Adoption of NVIDIA accelerated computing drove excellent results, with record data center revenue," said Jensen Huang, founder and CEO of NVIDIA. "Our initiatives are achieving great success.
"NVIDIA RTX ray tracing is reinventing computer graphics, driving powerful adoption across gaming, VR and design markets, while opening new opportunities in rendering and cloud gaming. NVIDIA AI is enabling breakthroughs in language understanding, conversational AI and recommendation engines ― the core algorithms that power the internet today. And new NVIDIA computing applications in 5G, genomics, robotics and autonomous vehicles enable us to continue important work that has great impact.
"We are well positioned for the greatest technology trends of our time," he said.
NVIDIA will pay its next quarterly cash dividend of $0.16 per share on March 20, 2020, to all shareholders of record on Feb. 28, 2020.
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