Sales for chip manufacturer Nvidia, which has absorbed the bulk of the hype around artificial intelligence advances, tripled in the last quarter compared to a year ago according to today’s much-anticipated earnings report. This beat Wall Street projections, which had increased to adapt to the optimistic outlook.
Nvidia saw a revenue of $22.1 billion in the last fiscal quarter, for a net profit of $12.29 billion compared to $1.41 billion last year. This fiscal year (which ended on January 28th) opened with $7.19 billion in earnings in its first quarter. Analysts had predicted a $20.4 billion revenue. Additionally, Nvidia expects to see $24 billion in sales for the current quarter.
Nvidia’s quarterly sales tripled, surpassing Wall Street’s expectations, as the company indicated momentum from the AI boom remains strong https://t.co/QapguRhDiP https://t.co/QapguRhDiP
— The Wall Street Journal (@WSJ) February 21, 2024
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AI has reached its “tipping point” according to Nvidia CEO Jensen Huang. Demand is “surging” globally—and this despite the fact that US regulations have curbed sales in China.
Nvidia stock has tripled over the past year to a $2 trillion valuation. Its shares rose about 10 percent in extended trading following the news.
As Valuetainment previously reported, Nancy Pelosi and her husband Paul took out 50 call options on Nvidia shares in late November.
Look out for the Biz Doc Podcast’s episode on Nvidia and this new report later this week!
Shane Devine is a writer covering politics, economics, and culture for Valuetainment. Follow Shane on X (Twitter).
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