Nvidia Smashes Q1 Targets, Unveils 10-to-1 Stock Split
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On Wednesday, American technology giant Nvidia (NVDA) announced its Q1 2024 earnings report. The company’s performance exceeded expectations for both sales and earnings, resulting in a significant rise in its stock price. The company’s performance highlights the ongoing robust demand for artificial intelligence (AI) chips, with notable gains in its data center sales and networking parts. Nvidia’s Strong Q1 2024 Earnings Boost AI Market Confidence Nvidia reported revenue of $26.04 billion, surpassing the expected $24.65 billion. The chipmaker also saw a significant increase in net income, reaching $14.88 billion, or $5.98 per share. In comparison, in Q1 2023, Nvidia’s net income was $2.04 billion, or $0.82 per share. Nvidia’s data center category, including AI chips and components for AI servers, saw a 427% increase in revenue to $22.56 billion. Colette Kress, Nvidia’s Chief Financial Officer (CFO), attributed this growth to shipments of Hopper graphics processors, including the H100 GPU. She highlighted Meta’s Lama 3 announcement, which utilized 24,000 H100 GPUs, as a key driver. Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024 Nvidia’s Quarterly Performance Summary (2023 – 2024). Source: Nvidia Networking revenue also surged, reaching $3.17 billion, over three times higher than Q1 on the previous year. Nvidia’s InfiniBand products significantly contributed to this growth by supporting the connection of vast chip clusters. Additionally, Nvidia’s gaming revenue rose 18% to $2.65 billion, driven by strong demand for its hardware. The company also reported $427 million in professional visualization sales and $329 million in automotive sales. CEO Jensen Huang emphasized that demand for Nvidia’s AI chips remains robust. The company anticipates revenue from its next-generation AI chip, Blackwell, later this year. According to its official website, the Blackwell GPU architecture features six transformative technologies for accelerated computing. These technologies will help unlock breakthroughs in data processing, engineering simulation,…
Filed under: News - @ May 23, 2024 11:20 am