Shares of Nvidia (NASDAQ:NVDA) turned in hefty gains in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $1.09, which beat analysts’ consensus estimate of $0.92 per share.
Sales decreased by 13.3% year-over-year, with revenue hitting $7.19 billion. This beat analysts’ expectations of $6.52 billion.
Nvidia turned in a record for its Data Center segment, reaching $4.28 billion. The Gaming segment added $2.24 billion in sales, though its overall revenue was down 38% against this time last year.
Nvidia management also offered guidance. For the second quarter, Nvidia expects revenue of $11 billion. That handily shatters the range expected by analysts, which was $7.11 billion.
Overall, Wall Street has a consensus price target of $307.37 on Nvidia, implying 1.85% upside potential, as indicated by the graphic above.