Nvidia Surpasses $1,000 Mark After Smashing Q1 Earnings Expectations
Nvidia stock crosses the $1,000 threshold in extended trading as the chipmaker reports massive first-quarter earnings that beat Wall Street estimates. The company also announces a 10-for-1 stock split and strong forward guidance fueled by relentless AI demand.
Nvidia shares top $1,000 for the first time in extended trading after the chipmaker reports fiscal first-quarter results that easily beat analyst estimates. The company earns $6.12 per share on an adjusted basis, surpassing the expected $5.59, while revenue reaches $26.04 billion against expectations of $24.65 billion. Additionally, Nvidia announces a 10-for-1 stock split that leaves the shares poised to reach a fresh high.
The stellar earnings highlight robust demand for Nvidia's advanced graphics processing units as major tech companies like Google, Microsoft, Meta, and Amazon buy billions of dollars of these pricey chips for artificial intelligence applications. Nvidia's crucial data center category surges 427% from the year-earlier quarter to $22.6 billion in revenue. This massive growth stems largely from shipments of the company’s Hopper graphics processors, including the highly sought-after H100 GPU.
Looking ahead, Nvidia projects current-quarter sales of $28 billion, significantly higher than Wall Street's anticipated $26.61 billion. CEO Jensen Huang states that the company sees revenue from its next-generation AI chip, called Blackwell, later this year. These impressive projections indicate that the artificial intelligence boom continues to accelerate and drive unprecedented financial success for the chipmaker.