Nvidia Q4 revenue $2.21 bln vs $2.91 bln year ago

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Nvidia stock rallies after company beats lowered earnings expectations

Nvidia Corp. shares rose in the extended session Thursday after the chip maker topped Wall Street’s lowered earnings expectations for the quarter. Nvidia shares surged 8% after hours, following a 1.1% rise to close the regular session at $154.53. The company reported fourth-quarter net income of $567 million, or 92 cents a share, compared with $1.12 billion, or $1.78 a share, in the year-ago period. Adjusted earnings were 80 cents a share. Revenue declined to $2.21 billion from $2.91 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 62 cents a share on revenue of $2.24 billion, way lower than the $1.85 a share on revenue of $3.42 billion expected at the beginning of the quarter before the company cut its outlook twice. For the first quarter, Nvidia expects revenue of $2.16 billion to $2.24 billion, while analysts had forecast revenue of $2.32 billion. For the year, Nvidia said it expects “flat to down slightly” revenue, compared with the $11.72 billion it reported for fiscal 2019. Analysts expect $11.2 billion.

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