Artificial intelligence chipmaker Nvidia has once again outperformed Wall Street expectations with its latest quarterly results, propelled by relentless demand for its high-end AI processors. The company reported earnings of $58.32 billion, or $2.39 per share, for the February-April period, a sharp increase from $18.78 billion, or 76 cents per share, in the same quarter last year. Adjusted for one-time items, earnings stood at $1.76 per share.
Revenue Surge
Revenue climbed 85% to $81.62 billion, up from $44.01 billion a year earlier. Analysts surveyed by FactSet had anticipated earnings of $1.75 per share on revenue of $78.91 billion. Nvidia's results have consistently surpassed analyst projections since its advanced chips became the cornerstone of artificial intelligence development three years ago.
CEO Comments
“The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said Jensen Huang, Nvidia’s chief executive officer, in a statement.
Future Outlook
For the current quarter, Nvidia forecast revenue of approximately $91 billion, exceeding analysts' expectations of $87.29 billion. Shares of the Santa Clara, California-based company dipped slightly in after-hours trading to $222.12, following a closing price of $223.47 in the regular session. As of Wednesday's close, Nvidia’s market capitalisation stood at $5.4 trillion.
