Nvidia's latest quarterly results once again blew past Wall Street's expectations as revenue for the computer chip company's high-end artificial intelligence chips soared, the latest sign that AI infrastructure spending remains strong.
The company reported on Wednesday net income of $59.69 billion, or $2.46 per share, for the May-July period. That compares to net income of $26.42 billion, or $1.08 per share, in the same quarter last year.
Excluding
certain items, earnings were $2.22 per share, well above the $2.09 per share consensus forecast by Wall Street analysts, according to FactSet.
Revenue more than doubled from a year earlier to $96.22 billion, surpassing analysts’ average forecast of $92.27 billion.
The Santa Clara, California, company's results have regularly cleared the bar set by analysts in the past three years, often by a wide margin, since Nvidia’s high-end chips emerged as AI’s best building blocks.
Along with higher profit and revenue, however, Nvidia’s operating expenses surged 55% to $8.41 billion.
For the current quarter, Nvidia forecast revenue of about $108 billion. Analysts are forecasting $104.86 billion.
If Nvidia hits its revenue target for the August-October period, it will translate into a roughly 89% increase from last year — an indication that Nvidia’s phenomenal growth rate is still accelerating.
Nvidia’s shares fell 1.8% in after-hours trading shortly after it released its latest results. The stock ended the regular trading session 1.6% lower and is up 12.4% so far this year.
