Nvidia trendswire Upbeat Guidance As First Quarter Results Beat Estimates; increase in shares

Investing.com — Nvidia on Wednesday reported upbeat guidance and fiscal first-quarter results that beat analysts’ estimates and the chipmaker spoke of boosting chip demand on growing interest in artificial intelligence.

Shares of NVIDIA Corporation (NASDAQ:) rose 19% in after-hours trading on Wednesday after the report.

NVIDIA announced $1.09 per share on revenue of $7.19 billion. Analysts surveyed by Investing.com anticipated EPS of $0.92 on revenue of $6.52 billion.

First-quarter revenue in its data center business reached a record $4.28 billion, up 14% from a year ago and up 18% from the prior quarter. That helped offset weakness in its gaming business, with revenue falling 38% to $2.24 billion from a year earlier.

“A trillion dollars of installed global data center infrastructure will shift from general purpose computing to accelerated computing as companies rush to apply generative AI into every product, service and business process,” the company said.

“Our entire family of data center products: H100, Grace CPU, Grace Hopper Superchip, NVLink, Quantum 400 InfiniBand and BlueField-3 DPU: is in production. We are significantly increasing our supply to meet the growing demand for them,” he added.

Heading into the fiscal second quarter, the company targeted revenue in the $11 billion range, plus or minus 2%. That was above Wall Street estimates of $7.13 billion.