Nvidia Q1 Results Surpass Wall Street Expectations Thanks to Massive AI Chip Demand
Artificial intelligence chipmaker Nvidia's quarterly results surpassed Wall Street's expectations once again , fueled by massive demand for its high-end AI chips. The company said Wednesday it earned $58.32 billion, or $2.39 per share, in the February-April period, up from $18.78 billion, or 76 cents per share, in the same period a year earlier. Excluding one-time items, Nvidia earned $1.76 per share. Revenue jumped 85% to $81.62 billion from $44.01 billion. Analysts, on average, were expecting earnings of $1.75 per share and revenue of $78.91 billion, according to a poll by FactSet. Nvidia's results have exceeded the analyst projections that shape investors’ perceptions since Nvidia’s high-end chips emerged as AI’s best building blocks three years ago. “The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed,” said CEO Jensen Huang in a statement. Along with higher profit and revenue, however, Nvidia...