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Nvidia forecasts revenue above estimates despite US$100 million coronavirus hit

Nvidia Corp on Thursday forecast first-quarter revenue above Wall Street expectations despite a hit of US$100 million from the coronavirus outbreak, sending its shares up nearly 7per cent in extended trading.

REUTERS: Nvidia Corp on Thursday forecast first-quarter revenue above Wall Street expectations despite a hit of US$100 million from the coronavirus outbreak, sending its shares up nearly 7per cent in extended trading.

The company, which reinforced expectations of a rebound in chip demand, is the second chipmaker after Qualcomm Inc to warn about a potential impact on its businesses due to the outbreak.

The virus has so far killed 1,367 people, infected about 60,000 people on the Chinese mainland and spread to at least 24 countries. It has led to lockdown of cities and factory closures that have disrupted supply chains.

The Santa Clara, California-based company said it expects current-quarter revenue of US$3 billion, plus or minus 2per cent, the midpoint of which is above analysts' expectation of US$2.86 billion, according to IBES data from Refinitiv.

Revenue from Nvidia's closely watched data center chips business rose 42.6per cent to US$968 million in the fourth quarter, beating analysts' estimate of US$829 million, according to research firm FactSet.

Revenue from its gaming business, still the biggest contributor to sales, rose 56per cent to US$1.49 billion, but fell short of analysts' estimate of US$1.52 billion, according to FactSet.

Total revenue in the quarter rose about 41per cent to US$3.11 billion, above analysts' estimate of US$2.97 billion, according to IBES data from Refinitiv.

Nvidia's net income rose to US$950 million, or US$1.53 per share, in the fourth-quarter ended Dec. 31, from US$567 million, or 92 cents per share, a year earlier.

Excluding items, it earned US$1.89 per share, above estimates of US$1.69.

Credit : https://www.channelnewsasia.com/news/business/nvidia-forecasts-revenue-above-estimates-despite-us-100-million-coronavirus-hit-12433954
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Mobile World Congress 2020 is cancelled

Mobile World Congress (MWC) is always held every year, but due to coronavirus outbreak. MWC 2020 is cancelled.

The GSMA, the organization responsible for the Barcelona event has announced on Wednesday that many of company withdrawing from this event due to preventing their employees from coronavirus that widespread now. "The global concern regarding the coronavirus outbreak, travel concern and other circumstances make it impossible for GSMA to hold the event," John Hoffman, CEO of the GSMA, said in a statement.

LG was the first big company withdrawing from this event and scheduled its event at the end of the month. afterwards, AT&T, Facebook, and Amazon cancelled their participation in this event too. The companies withdrawing cited the health risk that the coronavirus posed to their employees at the show, which attracts over 100,000 attendees from around the world.

The GSMA responded to the concerns of exhibitors by enhanced rules for all attendants. First, they have launched "No shake-hand Policy" to prevent the risk of infection. And encouraging people from some parts of China not to come to the events. But these rules didn't meet the expectation. Companies still withdrew from this event. Nokia, HMD, Deutsche Telekom and BT are a part of non-participated companies.

After many of the huge companies were dropping out of this event. GSMA has an urgent meeting on Wednesday, 12 February. And a summarize of this meeting is to cancel MWC this year.

"The GSMA has been a victim of circumstances out of its control, and it's a huge disappointment the show will not go ahead this year," said CCS Insight analyst Ben Wood. "MWC is an anchor event for many, and now they face the challenge of having to figure out what is the best way to salvage something from this difficult situation."

The biggest victims of the show's cancellation will likely be the smaller companies that were planning to attend and may have invested large amounts of money in their planning for the show, Wood said.

"The GSMA now needs to be careful that there is not a knock of effect from this year's cancellation," he said. "Major companies and many attendees will be reviewing the importance of MWC to their business, and the GSMA must work hard to have a clear path forward."
Credit: https://www.cnet.com/news/gsma-officially-cancels-mwc-2020-amid-coronavirus-outbreak/
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