A sign is displayed in front of NVIDIA headquarters on May 10, 2018 in Santa Clara, California.
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Shares of Nvidia rose more than 6% on Monday, after announcing more new products and telling investors that it expects its first-quarter revenue to be higher than previously expected.
Nvidia said revenue in the first fiscal quarter, which ends in May, is likely to be more than $ 5.3 billion, which was its previous estimate for investors in February.
Analysts surveyed by Refinitiv previously estimated that Nvidia would report sales of $ 5.32 billion in that quarter.
“While the first fiscal quarter of 2022 is not yet complete, total revenue for the first quarter exceeds the $ 5.30 billion outlook provided during our end-of-year earnings call,” said Colette Kress, Nvidia Chief Financial Officer. in a statement.
The signal about a strong quarter comes as demand for microchips, such as the products Nvidia sells, has been high worldwide, leading to a short supply and high selling prices for the desired chips, such as the latest line. of Nvidia Graphics Cards Nvidia’s total revenue in its 2020 calendar has increased by 61%.
Nvidia said its chips could be hard to find by the end of the year, but that it will still deliver enough chips to continue to report rising revenue.
“Overall demand remains very strong and continues to exceed supply, while our channel stocks remain quite weak,” Kress said. “We expect demand to continue to exceed supply for much of this year.”
On Monday, Nvidia announced a new server chip called Grace, new systems for running artificial intelligence on servers, software for running chatbots and speech recognition, and new products for self-driving cars.
Nvidia also said its chip line for industrial cryptocurrency miners will report revenue of up to $ 150 million in the first fiscal quarter, compared to a previous estimate of $ 50 million.