SAN FRANCISCO (AP) — Nvidia far surpassed Wall Street profit estimates, boosted by its dominance in making microprocessors that have made the company an icon of the rise of artificial intelligence.
The company reported profits of $14.88 billion on Wednesday in the first quarter of 2024, a figure that is seven times the $2.04 billion it reported the previous year.
Revenue more than tripled to $26.04 billion, up from $7.19 billion a year earlier.
The company reported earnings of $6.12 per share, adjusted to exclude one-time items, well above Wall Street analysts’ forecast of $5.60, according to FactSet.
Nvidia also announced a 10-for-1 stock split, a move it said will make its titles more accessible to employees and investors.
Nvidia Corp’s share price rose 3% in after-market trading.
The company, based in Santa Clara, California, got an early lead in manufacturing the hardware and software needed to adapt its technology to artificial intelligence applications, in part as founder and CEO Jensen Huang began putting the company on track. company more than a decade ago towards what was then considered a half-finished technology. Nvidia also makes chips for video games and vehicles.
The company’s shares have positioned itself in third place on Wall Street, becoming one of the most influential in the market.
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2024-05-29 12:59:00