US Nvidia reports major increase in revenue for first quarter fiscal 2019

SAN FRANCISCO - Nvidia Corporation, a world leading company on visual computing technologies, reported a major rise in its revenues of 66 percent from a year earlier to hit a record of $3.21 billion in the first quarter of fiscal 2019 ending on April 29, 2018.

The Silicon Valley-based American graphics processing units (GPUs) manufacturer said in a statement on Thursday that its Q1 revenue rose 10 percent from $2.91 billion over the previous quarter.

Its generally accepted accounting principles (GAAP) earnings per diluted share for the quarter stood at a record $1.98, up 151 percent from $0.79 a year ago, and up 11 percent from $1.78 in the previous quarter.

During the first quarter of fiscal 2019, Nvidia returned $746 million to shareholders through a combination of $655 million in share repurchases and $91 million in quarterly cash dividends.

Nvidia said it intends to return $1.25 billion to shareholders through ongoing quarterly cash dividends and share repurchases for fiscal 2019.

The top US GPU manufacturer saw it gaming revenue grow 68 percent from a year earlier to $1.72 billion for the first quarter.

It has recently unveiled NVIDIA RTX, a groundbreaking computer graphics technology that produces movie-quality images in real time, to consolidate its lead in the gaming-related sector.

Nvidia has also achieved good results in its datacenter service, with datacenter revenue growing 71 percent from a year earlier to a record $701 million for the first few months in 2018.

"We had a strong quarter with growth across every platform," said Jensen Huang, founder and chief executive officer of Nvidia.