Nvidia reports earnings that top Wall Street expectations, with revenue up 122% from a year ago
Nvidia has once again turned out quarterly results that easily exceeded Wall Street’s forecasts. The company has seen soaring demand for its semiconductors, which are used to power artificial intelligence applications.
Revenue more than doubled in the latest quarter from the same period a year earlier, Nvidia said Wednesday. The company expects further revenue growth in the current quarter that ends in October. Investors will be watching to see if demand for the company’s products can maintain its red-hot pace.
The company’s journey to be one of the most prominent players in AI has produced some eye-popping numbers. Here’s a look.
Nvidia’s total market value as of the close Wednesday. It’s ahead of Microsoft ($3.076 trillion) but behind Apple ($3.457 trillion) in the battle for the most valuable company. One year ago, the company’s market was around $1.15 trillion.
Gain in Nvidia’s stock price so far this year as of the close of trading Wednesday. The shares fell about 4% in after-hours trading following the release of the company’s earnings.
That’s how much of the S&P 500’s gain for the year through June came only from Nvidia.
Nvidia’s revenue from its data centre business for the quarter ended July 31, up 154% from a year ago. Overall revenue rose 122% from a year ago to $30 billion. By comparison, revenue growth for all the companies in the S&P 500 is expected to be about 5% for the latest quarter.
Nvidia’s estimate for overall revenue in the third quarter, “plus or minus 2%.” That translates to a range of $31.85 billion to $33.15 billion, compared to Wall Street’s estimate of $31.7 billion. Revenue in the year-ago third quarter totalled $18.1 billion.
Analysts estimate for Nvidia’s revenue for the fiscal year that ends in January 2025. That would be about double its revenue for fiscal 2024 and more than four times its receipts the year before that.
Source: abcNEWS
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