Nvidia’s latest quarterly results once again blew past Wall Street’s expectations as revenue for the computer chip company’s high-end artificial intelligence chips soared, the latest sign that AI infrastructure spending remains strong.
The company reported on Wednesday net income of US$59.69 billion, or US$2.46 per share, for the May-July period. That compares to net income of US$26.42 billion, or US$1.08 per share, in the same quarter last year.
Excluding certain items, earnings were US$2.22 per share, well above the US$2.09 per share consensus forecast by Wall Street analysts, according to FactSet.
Revenue more than doubled from a year earlier to US$96.22 billion, surpassing analysts’ average forecast of US$92.27 billion.
The Santa Clara, California, company’s results have regularly cleared the bar set by analysts in the past three years, often by a wide margin, since Nvidia’s high-end chips emerged as AI’s best building blocks.
Along with higher profit and revenue, however, Nvidia’s operating expenses surged 55 per cent to US$8.41 billion.
For the current quarter, Nvidia forecast revenue of about US$108 billion. Analysts are forecasting US$104.86 billion.
If Nvidia hits its revenue target for the August-October period, it will translate into a roughly 89 per cent increase from last year – an indication that Nvidia’s phenomenal growth rate is still accelerating.
Nvidia’s shares fell 1.8 per cent in after-hours trading shortly after it released its latest results. The stock ended the regular trading session 1.6 per cent lower and is up 12.4 per cent so far this year.