Nvidia Drops After Touching Record on Arm Deal Prospects yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Original:
Nvidia (
NVDA) - Get Report shares slipped lower Thursday after the chipmaker posted stronger-than-expected first-quarter earnings but noted a degree of uncertainty in predicting the impact of cryptocurrency mining on near-term sales.
Nvida said revenue from chips used for gaming, which comprise around half of its overall total, rose 106% from last year to $2.76 billion, while sales of its CMP product line - which is only used by cryptocurrency miners - came in at $155 million. Data center revenue was up 79% from last year to $2.05 billion, Nvidia said.
Looking into the current quarter, Nvidia said sales should rise to $6.3 billion, with around $400 million from the CMP line and more increases from gaming sales, but the uncertain impact, and the mining industry s regulatory risk following a renewed crackdown from China, partially clouded the robust outlook.
Operator
Good morning, and welcome to the Analog Devices Second Quarter Fiscal Year 2021 Earnings Conference Call, which is being audio webcast via telephone and over the web.
I d now like to introduce your host for today s call, Mr. Michael Lucarelli, Senior Director of Investor Relations. Sir, the floor is yours.
Michael Lucarelli
Senior Director of Investor Relations
Thank you, Cheryl, and good morning, everybody. Thanks for joining our second quarter of fiscal 2021 call.
With me on the call today are ADI s CEO, Vincent Roche; and ADI s CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.
Markets
BMO Capital analyst Ambrish Srivastava maintained a Hold rating on NXP Semiconductors (NXPI – Research Report) today and set a price target of $200.00. The company’s shares closed last Wednesday at $200.79, close to its 52-week high of $216.43.
According to TipRanks.com, Srivastava is a 5-star analyst with an average return of 17.5% and a 78.6% success rate. Srivastava covers the Technology sector, focusing on stocks such as Dialog Semiconductor, Texas Instruments, and ON Semiconductor.
NXP Semiconductors has an analyst consensus of Moderate Buy, with a price target consensus of $222.72, which is a 9.2% upside from current levels. In a report issued on April 14, Morgan Stanley also reiterated a Hold rating on the stock with a $213.00 price target.