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Nvidia posts record revenue up 265% on booming AI business
PUBLISHED WED, FEB 21 202412:00 PM ESTUPDATED 2 MIN AGO
Kif Leswing@KIFLESWING
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KEY POINTS
- Nvidia reported earnings after the bell that beat Wall Street expectations for earnings and sales, and said that revenue during the current quarter would be better than expected.
- Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company’s pricey graphics processors for servers.
In this article
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Nvidia CEO Jensen Huang attends a media roundtable meeting in Singapore on Dec. 6, 2023.
Edgar Su | Reuters
Nvidia reported earnings after the bell that beat Wall Street expectations for earnings and sales, and said that revenue during the current quarter would be better than expected.
Nvidia shares rose less than 7% in extended trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Earnings: $5.15 adjusted per share. That may not compare with the $4.64 adjusted per share expected.
- Revenue: $22.10 billion. That may not compare with the $20.62 billion expected.
Nvidia said it expected $24.0 billion in sales in the current quarter. Analysts polled by LSEG were looking for $5.00 per share on $22.17 billion in sales.
Nvidia reported $12.29 billion in net income during the quarter, or $4.93 per share, up 769% versus last year’s $1.41 billion or 57 cents per share.
Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company’s pricey graphics processors for servers.
Nvidia’s total revenue rose 265% from a year ago, based on strong sales for AI chips for servers, particularly the company’s “Hopper” chips like the H100, it said.
Those sales are reported in the company’s Data Center business, which now comprises the majority of Nvidia’s revenue. Data center sales were up 409% to $18.40 billion.
The company’s gaming business, which includes graphics cards for laptops and PCs, was merely up 56% year-over-year to $2.87 billion. Graphics cards for gaming used to be Nvidia’s primary business before its AI chips started taking off, and some of Nvidia’s graphics cards can be used for AI.
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Just for giggles ..... NVIDIA share price from Listing to Today.
Jan 1999, $0.82USD............22 Feb 2024, $674.72USD.
That's ONLY 82,182.93% return
Regards,
Esq.
THANKYOU
