Nvidia topped first-quarter earnings expectations but cut its second-quarter outlook, citing an $8 billion blow from tighter U.S. export rules on AI chips to China.
Nvidia beat Wall Street expectations for its fiscal first-quarter earnings but forecast second-quarter revenue below estimates, citing an expected $8 billion sales hit from tightened U.S. restrictions on AI chip exports to China.
Despite the outlook, shares of the world’s most valuable semiconductor firm rose 3% in extended trading. The stock remains mostly flat for the year, a sharp contrast to 2024 when it nearly tripled in value.
Nvidia now faces tougher U.S. trade restrictions that limit what it can sell to China, one of the largest semiconductor markets. The company had previously estimated a $5.5 billion charge from halted H20 chip exports to China, but the actual impact was $1 billion lower in the first quarter due to reused materials. Nvidia lost $2.5 billion in H20 sales during the quarter and expects an $8 billion shortfall in the current quarter.
On an adjusted basis, Nvidia earned 81 cents per share in Q1. Excluding export-related charges, earnings would have been 96 cents—above the 93-cent analyst consensus, according to LSEG data.
For Q2, Nvidia projects revenue of $45 billion, plus or minus 2%, slightly below the $45.9 billion average estimate.
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European shares climbed on Thursday, as a relief rally swept through global markets after artificial intelligence (AI) bellwether Nvidia reported strong earnings, while investors awaited the release of delayed U.S. jobs data.
Wall Street closed sharply lower on Thursday, dragged down by steep losses in Nvidia, Tesla, and other artificial-intelligence heavyweights, as investors dialed back expectations for further Federal Reserve interest-rate cuts amid renewed inflation concerns and mixed signals from policymakers.
As competition over artificial intelligence intensifies, U.S. tech leaders are warning that China’s rapid state-backed progress could soon outpace the West, raising concerns that America is losing its technological edge.
Nvidia has announced a major partnership with the South Korean government and top companies to strengthen the country’s artificial intelligence capabilities by supplying hundreds of thousands of its advanced GPUs.
A coup attempt by a “small group of soldiers” has been foiled in Benin after hours of gunfire struck parts of the economic capital Cotonou, officials said on Sunday.
A delayed local vote in the rural Honduran town of San Antonio de Flores has become a pivotal moment in the country’s tightest presidential contest, with both campaigns watching its results as counting stretches into a second week.
A powerful 7.6-magnitude earthquake struck northeastern Japan late on Monday, December 8, prompting tsunami warnings and evacuations across several prefectures.
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Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
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