NVIDIA (NASDAQ:NVDA) Defies Skeptics with Earnings Beat -- Announces Collaboration with Toyota for Autonomous Cars

Shares of NVIDIA (NASDAQ:NVDA) are on a roll here today, May 10th, 2017, as the Santa Clara based graphic chip developer announced stellar financial results for the first quarter of 2017. And, to top it all off, the chip developer announced a new collaboration with Toyota Motor Corp (NYSE:TM) for autonomous (self-driving) systems planned for market introduction within the next few years.

Shares of NVIDIA (NASDAQ:NVDA) closed up 17.83% at $121.29.  53.2 million shares traded hands today, well above the average volume of 15 million.

The highlights of the earnings beat are as follows:

  • Revenue of $1.94 billion, up 48 percent from a year ago
  • GAAP EPS of $0.79, up 126 percent from a year ago
  • Non-GAAP EPS of $0.85, up 85 percent from a year ago
  • Broad growth across all platforms 

The collaboration with Toyota Motor Corp (NYSE:TM) is to deliver artificial intelligence hardware and software technologies to enhance the capabilities of autonomous driving systems. Toyota, one of the world's largest automakers, will use the NVIDIA DRIVE™ PX AI car computer platform to power advanced autonomous driving systems planned for market introduction. Engineering teams from the two companies are already developing sophisticated software on NVIDIA's high-performance AI platform that will enhance the capabilities of Toyota vehicles, enabling them to better understand the massive volume of data generated by sensors on the car, and to handle the broad spectrum of autonomous driving situations.