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Nvidia unstoppable: its profits soared 628% in the last quarter and the stock soars on Wall Street

Nvidia unstoppable: its profits soared 628% in the last quarter and the stock soars on Wall Street

This translates into an earnings per share (EPS) of $5.98, also well above the $0.82 per share in the first quarter of the previous year. Billing grew 262%.

Reuters

Nvidia presented this Wednesday the results corresponding to its fiscal first quarter 2024in which it obtained a net profit of 14,881 million dollars, which represents an increase of the 628% in relation to the 2,043 million dollars harvested in the same period of the previous year. The firm’s shares rise more than 6% in after-market trading.

This translates into a earnings per share (EPS) of $5.98, Also well above the 0.82 dollars per title in the first quarter of the previous year. The adjusted EPS was $6.12, allowing the firm to exceed forecasts of $5.59 per share.

For its part, total revenues increased by 262% year-on-year, reaching 26,044 million dollars, while forecasts were 24,650 million. Gross margin was 78.4%, up from 64.6% a year ago.

The majority of this turnover comes from the data centerss, which have reported revenues in the quarter worth $22,563 million, after rising 427% compared to the levels of a year ago. The video game division contributed 2,647 million (+18%).

Nvidia unstoppable: what the company’s CEO said

“The next industrial revolution has begun: companies and countries are partnering with Nvidia to shift traditional trillion-dollar data centers to accelerated computing and build a new type of data center (AI factories) to produce a new product: artificial intelligence,” said Jensen Huang, founder and CEO of the company.

Furthermore, he highlighted that “AI will bring significant productivity gains to almost all industries and will help companies become more cost and energy efficient, while expanding income opportunities.”

“We are prepared for our next wave of growth. The Blackwell platform is in full production and forms the basis of generative AI at the scale of a trillion parameters. “Spectrum-X opens up a whole new market for us to bring large-scale AI to Ethernet-only data centers,” he added.

nvidia

The CEO of the company anticipated that we are in a

The CEO of the company anticipated that we are in a “wave of growth”

Reuters

Nvidia also announced important news for investors

Nvidia has also announced a ten-for-one forward stock split of the common shares issued by the company to make it “share ownership more accessible to employees and investors.”

Additionally, the firm increased its quarterly cash dividend by 150%, from $0.04 per share to $0.10 per common share. Increased dividend equals $0.01 per share after the split and will be paid on Friday, June 28 to all registered shareholders on Tuesday, June 11.

Looking ahead to the second quarter, the company anticipates revenues of 28,000 million, with a gross margin of 74.8% and operating expenses of about 4,000 million.

Source: Ambito

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