Artificial intelligence chipmaker Nvidia's quarterly results surpassed Wall Street's expectations once again, fuelled by massive demand for its high-end AI chips.
The company said Wednesday it earned $58.32 billion (NZ$99.45 billion), or $2.39 (NZ$4.08) per share, in the February-April period, up from $18.78 billion (NZ$32.03 billion), or 76 cents (NZ$1.30) per share, in the same period a year earlier. Excluding one-time items, Nvidia earned $1.76 per share.
Revenue jumped 85% to $81.62 billion (NZ$139.19 billion) from $44.01 billion (NZ$75.03 billion).
Analysts, on average, were expecting earnings of $1.75 (NZ$2.98) per share and revenue of $78.91 billion (NZ$134.51 billion), according to a poll by FactSet. Nvidia's results have exceeded the analyst projections that shape investors’ perceptions since Nvidia’s high-end chips emerged as AI’s best building blocks three years ago.
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“The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said chief executive Jensen Huang in a statement.
For the current quarter, Nvidia forecast revenue of about $91 billion (NZ$155.16 billion). Analysts were forecasting $87.29 billion (NZ$148.83 billion).
Shares of the Santa Clara, California-based company dipped slightly after-hours to $222.12 (NZ$378.71) after closing at $223.47 (NZ$381.01) in the regular trading session. As of Wednesday's close, Nvidia had a market value of $5.4 trillion (NZ$9.2 trillion).
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