NVIDIA Projects Record $11 Billion Revenue Amid Surging AI Demand
NVIDIA reports $7.19 billion in first-quarter revenue and sets a massive $11 billion revenue target for the next quarter, driven by explosive demand for generative AI and accelerated computing.
NVIDIA reports $7.19 billion in revenue for the first quarter of fiscal 2024, representing a 19% increase from the previous quarter. The tech giant achieves record data center revenue of $4.28 billion as GAAP earnings per diluted share reach $0.82, marking a 44% jump from the prior quarter.
CEO Jensen Huang attributes this strong performance to a massive industry shift toward accelerated computing and generative AI. He notes that a trillion dollars of existing global data center infrastructure is transitioning to accelerated computing, creating unprecedented demand for NVIDIA's entire data center product family.
Looking ahead, NVIDIA provides an aggressive revenue outlook of $11.00 billion for the second quarter of fiscal 2024. The company is significantly increasing its supply chain output to meet this surging demand while returning $99 million in cash dividends to shareholders during the first quarter.