The semiconductor giant Nvidia delivered quarterly financial results that topped Wall Street predictions, driven by robust demand for its advanced artificial intelligence processors.
The technology company announced Wednesday that it generated $58.32 billion in earnings, equivalent to $2.39 per share, during the February through April timeframe, compared to $18.78 billion, or 76 cents per share, during the corresponding period last year. When adjusted for one-time expenses, the company posted earnings of $1.76 per share.
Total revenue climbed 85% to reach $81.62 billion, up from $44.01 billion in the prior year.
Wall Street experts had predicted earnings of $1.75 per share and revenue totaling $78.91 billion, based on FactSet polling data. The chip manufacturer has consistently outperformed analyst forecasts that influence investor sentiment ever since its premium processors became the preferred foundation for AI development three years ago.
“The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said CEO Jensen Huang in a statement.
Looking ahead to the upcoming quarter, the company projects revenue will reach approximately $91 billion. Wall Street analysts are anticipating $87.29 billion.
Stock prices for the Santa Clara, California-headquartered corporation fell modestly in after-hours trading to $222.12, following a regular session close of $223.47. Based on Wednesday’s closing price, the company maintained a market capitalization of $5.4 trillion.
