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Image source: NVIDIA.

NVIDIA (NASDAQ:NVDA) just reported results for the first quarter of its 2015 fiscal year, alongside a few pages of CFO commentary on the report.

Sales rose 16% year over year to $1.1 billion, driving non-GAAP earnings 61% higher at $0.29 per diluted share. The revenue figure was in line with analyst expectations, but the Street would have settled for just $0.19 in earnings per share.

The quarter was driven by 35% higher sales of the Nvidia Tegra mobile processor line, as well as a 14% revenue gain for graphics processors. Tegra's most successful market this quarter was automobile infotainment systems, where sales jumped 60%.

In the second quarter, the company expects roughly $1.1 billion in total sales. Applying Nvidia's projections for margins, operating costs, and tax rates, adjusted second-quarter earnings should stop near $0.25 per diluted share. Both guidance figures are close to the current Street views.

"First quarter results benefited from gains in PC gaming and our continued progress in the data center and cloud," said Nvidia CEO Jen-Hsung Huang in a prepared statement. With several major system builders selling Nvidia graphics processors as high-performance calculation accelerators in server systems, Huang expects sales into large data center environments becoming "a significant source of growth."

Before this report, Nvidia shares had gained more than 16% during the last three months. The stock adjusted about 3% downward on the news.

Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Nvidia. Try any of our Foolish newsletter services free for 30 days.

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