NVIDIA (NASDAQ: NVDA) just shared its financial results for the first quarter ending on April 28, 2024. The company reported revenue of $26.0 billion, showing an increase of 18% from the previous quarter and a significant 262% increase from the same period last year.
In terms of earnings per share, the GAAP figure stood at $5.98, marking a 21% rise from the previous quarter and an impressive 629% surge from a year ago. On a non-GAAP basis, earnings per share were $6.12, up 19% from the previous quarter and a remarkable 461% increase from the same period last year.
Jensen Huang, the founder and CEO of NVIDIA, highlighted the company’s pivotal role in the ongoing industrial revolution, emphasizing partnerships with companies and countries to transition traditional data centers to accelerated computing and establish AI factories to produce artificial intelligence. This shift towards AI is expected to enhance productivity across various industries, boost cost-effectiveness, energy efficiency, and revenue opportunities.
NVIDIA’s data center growth has been primarily driven by the rising demand for generative AI training and inference on the Hopper platform. The company’s expansion into various sectors like consumer internet, enterprise, sovereign AI, automotive, and healthcare has created substantial market opportunities.
Looking ahead, NVIDIA is gearing up for further growth with the Blackwell platform supporting trillion-parameter-scale generative AI, Spectrum-X entering the Ethernet-only data center market, and NVIDIA NIM offering optimized generative AI across different computing environments.
Additionally, NVIDIA announced a ten-for-one forward stock split to increase accessibility to stock ownership for both employees and investors, which will be implemented through an amendment to NVIDIA’s Restated Certificate of Incorporation.
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