NVIDIA (NASDAQ: NVDA) has reported record revenue for the first quarter ending April 28, 2024. The company’s quarterly revenue reached $26.0 billion, marking an 18% increase from the previous quarter and a staggering 262% rise compared to the same period last year.
Data Center Performance
NVIDIA’s Data Center division contributed significantly to this impressive performance, with quarterly revenue hitting $22.6 billion. This represents a 23% increase from Q4 and an astonishing 427% year-over-year growth. The surge underscores the rapid adoption of NVIDIA’s technologies in transforming traditional data centers into AI-driven powerhouses.
Earnings
For Q1, GAAP earnings per diluted share were $5.98, up 21% from the prior quarter and up 629% from the previous year. Non-GAAP earnings per diluted share were $6.12, reflecting a 19% increase from Q4 and a 461% jump year-over-year.
Strategic Moves
In a move to make its shares more accessible to a broader base of investors, NVIDIA has announced a ten-for-one forward stock split, effective June 7, 2024. Additionally, the company has raised its quarterly cash dividend by 150%, setting it at $0.01 per share on a post-split basis.
CEO Commentary
Jensen Huang, founder and CEO of NVIDIA, emphasized the transformative impact of AI on the industry. “The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” Huang stated. He highlighted that AI is set to drive significant productivity gains across various industries, enhancing cost- and energy-efficiency while creating new revenue streams.
Future Outlook
NVIDIA’s strong financial performance and strategic initiatives position the company at the forefront of the AI revolution. With continued innovation and expansion in AI technologies, NVIDIA is well-poised to sustain its growth trajectory and solidify its leadership in the tech industry.
Published by:
Dipan
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