After the US market closed on Wednesday, Nvidia (the world's largest designer of semiconductors) revealed its quarterly results for the first quarter of this year, which exceeded Wall Street's expectations and showed strong demand for Nvidia chips.
In this regard, revenues in the first quarter jumped by 262% to reach $26 billion on an annual basis, while analysts' estimates expected revenues to record only about $24.6 billion.
Meanwhile, Nvidia reported that net income jumped 628% year-over-year to $15 billion, diluted earnings per share rose 629% to $5.98, and earnings per share rose 461% to $6.12, compared to market expectations of $5.58.
Commenting on the strong business results, CEO Jensen Huang said, “The next industrial revolution has begun, and countries and companies are collaborating with NVIDIA to transform traditional trillion-dollar data centers into accelerated computing and build a new type of data center — AI factories — to produce a new commodity known as AI.”
As a result of these positive developments, NVIDIA (NasdaqGS: NVDA) stock soared by about 6% in after-hours trading, breaking the $1,000 level per share to $1,007.00.
