NVIDIA Reports Record-Breaking 600% YoY Profit Increase
NVIDIA today announced the results for Q1 FY25. The AI giant reported a profit of $14.881 billion, up 600% compared to the corresponding quarter last year. The company recorded a revenue of $26.04 billion, surpassing the $24.65 billion estimate, and earnings per Share (EPS) of $6.12, well above the projected $5.59. The shares surged past the $1,000 mark for the first time in extended trading, closing 6.1% higher at $1,007.7. NVIDIA once again saves the American economy pic.twitter.com/ENeVPGJaSJ— gaut (@0xgaut) May 22, 2024 NVIDIA also announced a 10-for-1 stock split, effectively dividing each existing share into 10. Additionally, the company will pay a quarterly dividend of 10 cents, marking a 150% increase. “We are poised for our next wave of growth. The Blackwell platform is in full production and forms the foundation for trillion-parameter-scale generative AI,” said NVIDIA chief Jensen Huang. In the earnings call, Huang announced that after Blackwell, there’s ‘another chip’, and said that ‘the company is on a one-year rhythm’. Simply put, NVIDIA will release a new chip every new year. “You can count on us having new networking technology on a very fast rhythm. We’re announcing Spectrum-X for Ethernet.” “Our data centre growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer internet companies and enterprise, sovereign AI, automotive and healthcare customers, creating multiple multibillion-dollar vertical markets,” said Huang. NVIDIA’s core data centre business saw a dramatic revenue increase, growing over five times to exceed $22 billion this quarter. CFO Colette Kress attributed this surge to higher shipments of the Hopper graphic processor, including the H100 GPU. Large cloud providers account for over 40% of NVIDIA’s data centre revenue. NVIDIA’s gaming revenue also rose by 18% to $2.65 billion, driven by strong demand. Professional visualisation sales reached $427 million, while automotive sales totalled $329 million for the quarter.
NVIDIA also announced a 10-for-1 stock split, effectively dividing each existing share into 10.
NVIDIA today announced results for Q1 FY25. The AI giant reported a profit of $14.881 billion, up 600% compared to the corresponding quarter last year.
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Siddharth is a media graduate who loves to explore tech through journalism and putting forward ideas worth pondering about in the era of artificial intelligence.