Nvidia processor and superchips on display on stage at the COMPUTEX forum in Taipei, Taiwan May 29, 2023. Nvidia’s sales continue to rise thanks to demand for its AI chips. Ann Wang/Reuters
Nvidia has once again surpassed Wall Street expectations in its fiscal first quarter, with adjusted earnings of $6.12 per share and $26 billion in sales, significantly higher than analysts’ predictions. This marks a 461% increase in earnings and a 262% rise in sales year-over-year. The company also anticipates higher-than-expected sales for the current quarter at $28 billion.
In response to these strong results, Nvidia’s stock rose 5.9% in after-hours trading, reaching a record high. Nvidia announced a 10-for-1 stock split and increased its dividend by 150%. Data center sales, driven by demand for AI applications, jumped 427% year-over-year to $22.6 billion. CEO Jensen Huang highlighted the transformative potential of AI across industries and emphasized Nvidia’s strategic moves with new products like the Hopper and Blackwell series processors.
Despite concerns about trade restrictions and component supply, Nvidia remains on a growth trajectory, driven by strong demand for its AI and data center technologies. The company’s innovative rhythm and significant role in major indexes further bolster investor confidence. Nvidia’s future developments, including Huang’s upcoming keynote at Computex, are highly anticipated.
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