Nvidia climbs on auto division optimism
Nvidia shares rallied on Friday after the maker of graphics processors posted strong quarterly results and impressed Wall Street with growth in its forward-looking divisions. The company said its sales jumped 13.4 per cent on a year-on-year basis in the quarter to May 1 to $1.31bn, beating estimates of $1.27bn. Revenues in the gaming unit, its largest group, climbed 17 per cent to $687m. However, analysts paid closer attention to rising sales in Nvidia’s data centre and automobiles groups, which are considered to be important areas of opportunity that may help the company lessen its link to the struggling PC market. The data centre division, which produces chips that can be used for artificial intelligence such as applications that allow for computer-driven image recognition, logged a 62.5 per cent year-on-year…
Link to Full Article: Nvidia climbs on auto division optimism
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