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Jensen Huang, co-founder and chief executive officer of Nvidia Corp., during the Nvidia GPU Technology Conference (GTC) in San Jose, California, US, on Tuesday, March 19, 2024.
David Paul Morris | Bloomberg | Getty Images
Nvidia reported first fiscal-quarter earnings on Wednesday that beat expectations for sales and earnings, and provided a strong forecast for the current quarter. The stock rose slightly in extended trading.
Nvidia said it was splitting its stock 10 to 1.
- Earnings Per Share: $6.12 adjusted vs. $5.59 adjusted, per LSEG consensus estimates.
- Revenue: $26.04 billion vs. $24.65 billion expected by LSEG
Nvidia said it expected sales of $28 billion in the current quarter. Wall Street was expecting earnings per share of $5.95 on sales of $26.61 billion, according to LSEG.
Nvidia reported net income for the quarter of $14.81 billion, or $5.98 per share, compared with $2.04 billion, or 82 cents, in the year-ago period.
In the past year, sales have skyrocketed as companies such as Google, Microsoft, Meta, Amazon and OpenAI buy billions of dollars of Nvidia’s GPUs, which are advanced and pricey chips required for developing and deploying artificial intelligence applications.
The company’s largest and most important business is its data center sales, which includes its AI chips as well as many of the additional parts needed to run big AI servers.
Nvidia said its data center category rose 427% from the year-ago quarter to $19.4 billion in revenue.
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