Nvidia’s Q1 revenues down 31% to $2.22 billion, beating modest estimates

Nvidia reported earnings and revenues that were well below last year’s figures, but the graphics and artificial intelligence chip company beat analyst expectations and is climbing back up after a couple of weak quarters.

Nvidia reported revenues of $2.22 billion, down 31% from a year ago, for the first fiscal quarter, which ended April 28. Non-GAAP earnings per share were 88 cents, compared with $2.05 a share a year ago. But those numbers beat expectations. In after-hours trading, Nvidia’s stock was up 6% to $169.70 a share.