Nvidia (NVDA), the forefront leader in artificial intelligence technology, exceeded Wall Street's expectations for its fiscal first quarter and provided optimistic guidance for the current period. Additionally, it revealed a 10-for-1 stock split, causing Nvidia's stock to surge in after-hours trading.
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Nvidia, headquartered in Santa Clara, California, reported adjusted earnings of $6.12 per share on revenue of $26 billion for the quarter ending April 28th. Analysts surveyed by FactSet had anticipated earnings of $5.60 per share on revenue of $24.59 billion. Compared to the previous year, Nvidia's earnings surged by 461%, while sales skyrocketed by 262%.
These results mark Nvidia's fourth consecutive quarter of triple-digit growth in both sales and earnings.
For the current quarter, Nvidia anticipates generating $28 billion in sales, surpassing the consensus estimate of $26.62 billion. In the same quarter last year, Nvidia recorded sales of $13.51 billion.
Following the report, Nvidia's stock surged by 5.9% in after-hours trading to $1,005.89, potentially reaching a record high. During Wednesday's regular session, the stock closed at $949.50, a slight 0.5% dip but still within the buying range.
CEO Jensen Huang remarked in a news release, "The next industrial revolution has begun — companies and countries are partnering with Nvidia to shift trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence."
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