Nvidia CEO Jensen Huang arrives at the launch of the Gefion supercomputer, at the Vilhelm Lauritzen Terminal in Kastrup, Denmark, October 23, 2024.
Ritzau Scanpix | Mads Claus Rasmussen Via Reuters
Nvidia reported earnings that beat expectations for sales and earnings, while posting strong forecasts for the current quarter.
Shares fell 2% in extended trade.
Here is the result.
- results: $35.08 billion vs $33.16 billion expected by LSEG
- Earnings per share: 81 cents adjusted vs 75 cents adjusted expected by LSEG
Nvidia said it expects about $37.5 billion in sales for the current quarter, compared to $37.08 billion expected by analysts polled by LSEG.
Revenue continues to rise at Nvidia, rising 94% on an annual basis during the quarter ended October 27. It is still a consecutive slowdown from the previous three quarters, when sales rose 122%, 262%, and 265%.
Net income during the quarter rose to $19.3 billion, or 78 cents per share, compared to $9.24 billion, or 67 cents per share in the year-ago period.
Nvidia has been a major beneficiary of the ongoing artificial intelligence boom. The stock has nearly tripled in 2024 after rising 240% in 2024, making it the most valuable publicly traded company.
This is driven by Nvidia’s data center business, which accounts for sales of AI processors and related parts, and now accounts for the majority of Nvidia’s revenue. Nvidia posted $30.8 billion in its data center division, while analysts polled by StreetAccount expected $28.82 billion in revenue.
