Nvidia – Q1 Earnings

Nvidia will slow down its hiring pace and control expenses as the company deals with a challenging macroeconomic environment. Revenue for the March quarter came in at $8.29bn on EPS of $1.36.

Forecast revenue for the June quarter is expected to be $8.1 billion.

The company’s operating expenses increased 35% year-over-year. On the positive side, demand for its graphics processors used for gaming and artificial intelligence helped support sales growth of 46% year-over-year. Nvidia’s data center business, which sells chips for cloud computing companies and enterprises, grew 83% annually to $3.75 billion.

Nvidia said its board has authorized an additional $15 billion in share buybacks through the end of next year.

AMD – Q1 Earnings

In Q1 AMD delivered a 71% increase in revenue to $5.9bn on EPS of $1.13, beating consensus estimates. The Q2 outlook is for revenue to increase further to $6.5 billion.

For the full year, 2022 management expects $26bn, or 60% growth compared to 2021.

AMD’s acquisitions of Xilinx and Pensando should see expanded revenue growth from new industries.