Nvidia reported another set of record results, with quarterly revenue more than doubling year on year to $96.2bn, as demand for its artificial intelligence chips showed no sign of slowing.
Revenue of $96.2bn beat expectations of $92bn. EPS came in at $2.22 against expectations of $2.02.
The chipmaker’s data centre-focused Compute & Networking division has long been the main event, with revenue there up 114% to $88.3bn as cloud providers and other customers continued to pour money into AI infrastructure.
Its smaller Graphics business, which includes gaming, grew 46% to $7.9bn.
Gross margin held at 75%, and operating income more than doubled from a year earlier to $63.7bn. Net income rose 126% to $59.7bn, giving diluted earnings per share of $2.46; on an adjusted basis, earnings were $2.22 a share, up 120%.
These were sterling numbers from the AI bellwether, and its CEO signalled he expected the growth to continue as adoption increased.
“AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” said Jensen Huang, founder and CEO of NVIDIA.
“And demand is accelerating. This time last year, one lab alone was driving the buildout; today, we have a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open-model ecosystem and physical AI coming online — with strong momentum across the U.S. and around the world. The AI infrastructure buildout is at full steam.”
Nvidia shares dipped around 1% in the US after-market following results, with expectations seemingly sky-high going into results.
Bulls will point to rapid revenue growth and a confident outlook, with guidance of $108bn for the next quarter. Bears will highlight Nvidia’s valuation, which still sits above historical averages and what’s considered normal for a company of its prominence.