Nvidia(US:NVDA) Xin Hua Cai Jing·2025-05-29 02:09Core Viewpoint - Nvidia's Q1 FY26 earnings report exceeded expectations despite facing export restrictions from the U.S. government, leading to a nearly 5% increase in stock price after the announcement [2][3] Financial Performance - Nvidia's Q1 FY26 revenue reached $44.1 billion, a 69% year-over-year increase, surpassing market expectations of $43.1 billion [3][4] - Net income for the quarter was $18.8 billion, lower than the expected $20.8 billion, while adjusted earnings per share were $0.76, slightly above the forecast of $0.73 [4][5] - The gross margin decreased to 60.5%, down from 73.0% in the previous quarter and 78.4% year-over-year [4] Business Segments - The data center business generated $39.1 billion in revenue, a 73% year-over-year increase, while gaming and AI PC revenue reached $3.8 billion, marking a 42% increase [6] - Nvidia's professional visualization and automotive segments also showed steady growth [6] Future Guidance - For Q2 FY26, Nvidia forecasts sales of approximately $45 billion, which is below market expectations of $45.9 billion, with an estimated loss of $8 billion due to H20 export restrictions [6][7] - The company reported a $4.5 billion charge related to H20 chip inventory surplus due to new export controls [7] Market Insights - Nvidia's revenue from the Chinese market was $5.5 billion, below the expected $6.2 billion, accounting for 12.5% of total revenue, down from 14% and 15% in the previous two quarters [7][8] - CEO Jensen Huang emphasized the importance of the Chinese market for global AI success, noting that half of the world's AI researchers are based in China [8]