NVIDIA beats by $0.26, beats on revs; guides Q4 revs well above consensus; adds $2 bln to buyback and raises dividend 22% to $0.14/share :
- Reports Q3 (Oct) earnings of $0.94 per share, excluding non-recurring items, $0.26 better than the Capital IQ Consensus of $0.68; revenues rose 53.6% year/year to $2 bln vs the $1.69 bln Capital IQ Consensus; non-GAAP gross margin 59.2% vs. 57.5-58.5% guidance
- Co issues upside guidance for Q4, sees Q4 revs of $2.1 bln vs. $1.69 bln Capital IQ Consensus Estimate; non-GAAP gross margin 58.5-59.5%.
- For fiscal 2018, NVIDIA intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases.
- The company's board of directors has authorized an additional $2.00 billion under the company's stock repurchase program for a total of $2.96 billion available through the end of December 2020.
- The company announced a 22 percent increase in its quarterly cash dividend to $0.14 per share from $0.115 per share, to be paid with its next quarterly cash dividend on December 19, 2016, to all shareholders of record on November 28, 2016.
- "We had a breakout quarter - record revenue, record margins and record earnings were driven by strength across all product lines," said Jen-Hsun Huang, founder and chief executive officer, NVIDIA. "Our new Pascal GPUs are fully ramped and enjoying great success in gaming, VR, self-driving cars and datacenter AI computing. "We have invested years of work and billions of dollars to advance deep learning. Our GPU deep learning platform runs every AI framework, and is available in cloud services from Amazon, IBM, Microsoft and Alibaba, and in servers from every OEM. GPU deep learning has sparked a wave of innovations that will usher in the next era of computing."
- Announced that its NVIDIA DRIVE PX 2 platform will power a new AutoPilot system in all of Tesla Motors' factory produced vehicles - the Model S, Model X and upcoming Model 3.
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