Nvidia's stellar earnings streak came to an end on Thursday, as the graphics chipmaker's second quarter financial results show growth is slowing compared to previous quarters. The company also issued third quarter guidance below market estimates, sending its shares down after hours. The Santa Clara, Calif.-based company delivered a Q2 net income of $1.1 billion, or $1.76 per share. Non-GAAP earnings were $1.94 per share on revenue of $3.12 billion, up 40 percent year-over-year. Wall Street was expecting to see earnings of $1.66 per share with $3.1 billion in revenue.
Nvidia's data center business hit a new record in the first quarter, the company reported Thursday, achieving more than $1 billion in quarterly sales for the first time. The GPU maker saw data center sales driven by higher vertical industries and hyperscale demand. First quarter non-GAAP earnings per share came to $1.80 on revenue of $3.08 billion, up 39 percent from a year earlier. Analysts were expecting earnings of $1.68 per share on revenue of $2.98 billion. "NVIDIA had an excellent quarter," CEO Jensen Huang said in a statement.
Lenovo Group has seen revenue surge past the $60 billion mark for the first time, following 20% year-on-year growth from the $50.7 billion recorded the prior year. For the period ending 31 March 2021, the Chinese tech giant also saw net income skyrocket by 77% from $665 million in FY20 to $1.18 billion. The company said its growth during the year was fuelled by its ongoing move to diversify the company in line with its so-called 3S corporate strategy that aims to deliver products and services based on smart IoT, smart infrastructure, and smart vertical solutions. "These historic highs were achieved by leveraging our core competencies of a clear strategy, innovative products, operational excellence, and global-local model to meet the new needs in the new normal." Lenovo chairman and CEO Yuanqing Yang said.
HP on Thursday reported better-than-expected third quarter financial results, with strong notebook sales driven by the growing number of students and workers staying productive remotely through the pandemic. The total number of notebooks shipped in the quarter grew by 32 percent year-over-year, the company said. HP's non-GAAP diluted net earnings per share came to 49 cents on revenue of $14.3 billion, down 2.1 percent from the prior-year period. Analysts were expecting earnings of 43 cents per share on revenue of $13.31 billion. "Our strong Q3 results and solid beat for the quarter, in the face of unprecedented uncertainty, reflects the agility of our teams and the strength of our portfolio," CEO Enrique Lores said in a statement.
When Snap first started selling its video-recording glasses, the hype was real. The company had only focused on software before that, and was dipping its toe into hardware with a relatively simple product. Add to that the device's limited availability via sporadic pop-up stores, and Spectacles fever spread rapidly. But hype alone cannot sustain a business. A year and a half later, with 150,000 Spectacles sold and hundreds of thousands reportedly languishing in warehouses, the furor has officially died out, apparently along with Snap's hardware ambitions.