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The
company said Wednesday it earned $58.32 billion, or $2.39 per
share, in the February-April period, up from $18.78 billion, or
76 cents 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 from $44.01 billion.
Analysts, on average, were expecting earnings of $1.75 per share
and revenue of $78.91 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.
“The buildout of AI factories — the largest infrastructure
expansion in human history — is accelerating at extraordinary
speed,” said CEO Jensen Huang in a statement.
Along with higher profit and revenue, however, Nvidia's
operating expenses increased by 49% to $7.75 billion.
For the current quarter, Nvidia forecast revenue of about $91
billion. Analysts are forecasting $87.29 billion.
Despite the solid results and outlook, many investors still
evidently are worried about a comedown after a three-year boom
that has seen Nvidia’s market value soar from $400 billion at
the end of 2022 to $5.4 trillion as of Wednesday.
Shares of the Santa Clara, California-based company dipped
slightly after-hours to $222.12 after closing at $223.47 in the
regular trading session.
“Time and time again, (Nvidia) obliterates expectations and
consensus; it delivered exactly on what people wanted,
especially regarding data centers,” said David Wagner, head of
equity and portfolio manager at Aptus Capital Advisors. “But the
market doesn’t always act as you would expect after a strong
report like this one.”
The company also announced plans to return some money to
shareholders. It authorized a plan to buy back $80 billion worth
of stock and increased its quarterly cash dividend to 25 cents
per share from 1 cent.
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