📚 Nvidia Reports a 262% Jump In Sales, 10-1 Stock Split

Nvidia reported fiscal first-quarter earnings surpassing expectations with strong forecasts, indicating sustained demand for its AI chips. Following the news, the company's stock rose over 6% in extended trading. Nvidia also said it was splitting its stock 10 to 1. CNBC reports: Nvidia said it expected sales of $28 billion in the current quarter. Wall Street was expecting earnings per share of $5.95 on sales of $26.61 billion, according to LSEG. Nvidia reported net income for the quarter of $14.88 billion, or $5.98 per share, compared with $2.04 billion, or 82 cents, in the year-ago period. [...] Nvidia said its data center category rose 427% from the year-ago quarter to $22.6 billion in revenue. Nvidia CFO Colette Kress said in a statement that it was due to shipments of the company's "Hopper" graphics processors, which include the company's H100 GPU. Nvidia also highlighted strong sales of its networking parts, which are increasingly important as companies build clusters of tens of thousands of chips that need to be connected. Nvidia said that it had $3.2 billion in networking revenue, primarily its Infiniband products, which was over three times higher than last year's sales. Nvidia, before it became the top supplier to big companies building AI, was known primarily as a company making hardware for 3D gaming. The company's gaming revenue was up 18% during the quarter to $2.65 billion, which Nvidia attributed to strong demand. The company also sells chips for cars and chips for advanced graphics workstations, which remain much smaller than its data center business. The company reported $427 million in professional visualization sales, and $329 million in automotive sales. Nvidia said it bought back $7.7 billion worth of its shares and paid $98 million in dividends during the quarter. Nvidia also said that it's increasing its quarterly cash dividend from 4 cents per share to 10 cents on a pre-split basis. After the split, the dividend will be a penny a share.

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