
Nvidia sales forecast tops Wall Street expectations, shares rise by 8 percent
FirstpostNVIDIA said it expected revenues for its fiscal 2020 year to be “flat or down slightly”. Chip maker Nvidia Corp on Thursday forecast sales for its current fiscal year that topped Wall Street expectations, sending its shares up 8 percent in late trading. The Santa Clara, California-based company said it expected revenues for its fiscal 2020 year to be “flat or down slightly” from the $11.7 billion it recorded in the just-ended fiscal year. The just-ended fiscal year was Nvidia’s best ever, with sales up more than 21 percent from a year earlier, but sputtered to what Chief Executive Jensen Huang called a “disappointing finish.” Over the course of the fiscal year, demand for chips for mining vanished and a slowdown in China dampened Nvidia sales. But while the first-quarter forecast lagged expectations, Nvidia’s stronger-than-expected full-year forecast suggests the company is expecting a significant increase in sales in the second half of its fiscal year, said Kinngai Chan of Summit Insights Group.
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