TECH - Nvidia's First Quarter Results Confirm That The Next Industrial Revolution Is Well Underway | Benzinga
On Wednesday, Nvidia Corporation (NASDAQ: NVDA) reported its fiscal first quarter results, surpassing both top and bottom-line estimates as demand for AI chips remains as robust as ever. Nvidia sales continue to skyrocket as Google, Microsoft Corporation (NASDAQ: MSFT), Meta Platforms (NASDAQ: META), Amazon.com Inc (NASDAQ: AMZN) and Microsoft-backed OpenAI spend billions of dollars to buy its graphics processing units to develop and deploy generative AI applications. During extended trading on Wednesday, Nvidia shares rose 7% and surpassed $1,000 for the first time.
Impressive Fiscal First Quarter Highlights
For the quarter ended on April 28th, Nvidia reported that revenue grew 262% YoY as it amounted to $26.04 billion, surpassing LSEG’s estimate of $24.65 billion. Data center alone reported a revenue rise of 427% YoY to $22.6 billion, with large cloud providers like Google, Microsoft and Amazon contributing about mid-40%. Meta ...