NVIDIA Impresses with Strong Earnings and Record Data Center Revenue
EPS Beats Analyst Expectations
NVIDIA (NVDA) released its earnings data for the first quarter of fiscal 2024 on February 21st, surpassing analysts' expectations. The computer hardware maker reported earnings per share (EPS) of 5.16 for the quarter, outpacing the consensus estimate of 4.87.
Record Data Center Revenue
The highlight of the earnings report was the company's record Data Center revenue of $18.4 billion, a 27% increase from the previous quarter and a 409% surge year-over-year. This surge was primarily driven by the strong demand for NVIDIA's data center GPUs, which are used in applications such as artificial intelligence (AI) and machine learning.
Full-Year Revenue Growth
NVIDIA also reported record full-year revenue of $60.9 billion, representing a 126% increase from the previous year. This strong growth was fueled by the company's success in multiple markets, including gaming, data centers, and professional visualization.
Next Earnings Release and Expectations
NVIDIA's next earnings release is scheduled for May 22, 2024. Analysts currently expect the company to report earnings of $5.48 per share for the second quarter of fiscal 2024. Additionally, NVIDIA has provided a revenue outlook of $11.00 billion for the upcoming quarter.
Conclusion
NVIDIA's latest earnings report showcases the company's continued strength in the rapidly growing data center market. The record revenue and EPS growth demonstrate NVIDIA's ability to capitalize on the increasing demand for data processing and AI applications. As the company continues to invest in its data center business, NVIDIA is well-positioned for continued success in the future.
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