June 20, 2024

Nvidia beat Wall Street’s expectations again, reporting a record first quarter revenue of $26 million for fiscal year 2025 — up 262% from a year ago.

The chipmaker’s revenue for the quarter ending April 28 is up 18% from its last quarter revenue of $22 billion, which also beat Wall Street’s sky high expectations, and was up nearly 270% from the previous year.

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” Jensen Huang, founder and chief executive of Nvidia, said in a statement. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.

The company reported its data center quarterly revenue was a record $22.6 billion, up 23% from the previous quarter, and up a whopping 427% from a year ago.

Ahead of its earnings report, the chipmaker’s share price was down around 0.4% at $949.50 at the market close Wednesday evening, after closing at a record-high $953.86 the day before. The chipmaker’s shares were up 3.8% in after-hours trading.

Before the chipmaker last reported fourth quarter earnings in February, it saw its worst day on the stock market since October 2023, and lost $78 billion in market value the day before its earnings report. The chipmaker’s stock price has mostly rallied since its fourth quarter earnings report, and is up 204% over the past year.

After the chipmaker unveiled its newest chip, Blackwell, in March, Wall Street’s expectations were high for the firm’s earnings report. But some analysts are wary of a pause in orders of Nvidia’s current chips before the eventual shipments of Blackwell.

“We are poised for our next wave of growth,” Huang said, adding that the company’s Blackwell chips are “in full production and forms the foundation for trillion-parameter-scale generative AI.”

Nvidia’s Hopper chips, the Blackwell predecessor behind some of the world’s most powerful artificial intelligence models, have propelled the company to become the first chipmaker to reach a $2 trillion market cap in February, and the third most valuable company in the world in March.

The chipmaker set its second-quarter revenue expectations at $28 billion, plus or minus 2%.

More Nvidia news

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Nvidia’s stock price hit a record high a day before earnings

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Nvidia’s biggest customers are also its biggest threat

This is a developing story and will be updated.

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