Nvidia (NASDAQ: NVDA) has just announced Q1 2024 revenue of $26.0 billion, up 18% over the previous quarter and up 262% over the same period last year, with record data center revenue 22.6 billion USD.
After the first quarter ended on April 28, Nvidia posted record revenues that tripled the same period a year ago, surpassing analysts' expectations and surpassing increasingly high standards set by regulators. investors pose, according to Visible Alpha compilation.
Revenue in the data center segment also grew an impressive 23% over the previous quarter and skyrocketed 427% over the same period last year, showing the strong attraction of artificial intelligence (AI) to industries other industry.
For the quarter, GAAP earnings per diluted share came in at $5.98, up 21% quarter-over-quarter and up 629% year-over-year. Non-GAAP earnings per diluted share were $6.12, up 19% quarter-over-quarter and up 461% year-over-year.
Jensen Huang, founder and CEO of NVIDIA, affirmed: “The next industrial revolution has begun. Companies and countries are working with NVIDIA to transform trillions of dollars worth of traditional data centers to accelerated computing, build AI factories, and produce a new commodity: AI .”
He also highlighted NVIDIA data center growth, driven by strong and growing demand for generative AI training based on the Hopper platform. Another promising sign is that interest in generative AI is growing rapidly beyond the cloud computing giants to consumer internet, auto, health care companies as well as other countries. is looking to build AI that serves national goals.
“We are preparing for the next wave of growth. The Blackwell platform is in full production and forms the basis for generative AI at the scale of trillions of parameters. Spectrum-X opens up a whole new market for us to bring large-scale AI to Ethernet-only data centers. And NVIDIA NIM is our new software product that delivers enterprise-grade generative AI, optimized to run on CUDA anywhere—from the cloud to on-premises data centers and RTX AI PCs—through through our extensive ecosystem partner network,” added Mr. Huang.
NVIDIA also announced a 10:1 split of its issued common stock to make stock ownership more accessible to employees and investors. The split will be effected through an amendment to NVIDIA's Articles of Incorporation, resulting in a proportional increase in the number of authorized common shares.
This move helped the company's stock price rise to a record high and impressed investors. Nvidia's market capitalization tripled last year on artificial intelligence (AI) optimism.
Each shareholder holding common stock as of the close of market on Thursday, June 6, 2024, will receive nine additional shares of common stock, distributed after the close of market on Friday , June 7, 2024. Trading is expected to commence on a split-adjusted basis when markets open on Monday, June 10, 2024.
NVIDIA also increased its quarterly cash dividend by 150% from $0.04 per share to $0.10 per common share. This increased dividend is equivalent to $0.01 per share after the split and will be paid on Friday, June 28, 2024, to all shareholders who owned shares as of Tuesday, the 11th. June 2024.
These impressive financial results of NVIDIA not only affirm the company's leading position in the field of artificial intelligence and accelerated computing, but also open up many new development opportunities, while strengthening trust in of investors in the company's bright future.