Nvidia Corp forecast third-quarter sales above expectations on Wednesday, but results from the data center business of the rising semiconductor industry star disappointed some investors, pressuring shares.
) forecast third-quarter sales above expectations on Wednesday, but results from the data center business of the rising semiconductor industry star disappointed some investors, pressuring shares.
Still, the results sent shares down 1.5% in trading after the bell. Before the market close on Wednesday, Nvidia’s shares had gained more than 185% over the past year and with a valuation of about 53 times expected earnings over the next 12 months. Nvidia said Mellanox, the Israeli networking chip firm that it acquired for $7 billion in cash this year, contributed 30% of data center segment sales.
“We’re going to do a lot more next quarter. We’re going to do a lot more the quarter after that,” he said. “We’re going ramp up here in the second half, and that’s going give us another boost.” Net income rose to $622 million, or $0.99 per share, in the quarter, from $552 million, or $0.90 per share, a year earlier.
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