Net income tops $59 billion, more than doubling year-ago figure
Nvidia on Wednesday reported net income of $59.69 billion, or $2.46 per share, for the May-July period. That compares to net income of $26.42 billion, or $1.08 per share, in the same quarter last year.
The Santa Clara, California-based company’s revenue more than doubled from a year earlier to $96.22 billion, driven by sales of its high-end artificial intelligence chips. The result surpassed analysts’ average forecast of $92.27 billion.
On an adjusted basis, excluding certain items, earnings came in at $2.22 per share, well above the $2.09 per share consensus compiled by Wall Street analysts via FactSet.
The latest quarter extends a three-year stretch in which Nvidia has regularly cleared the bar set by analysts, often by a wide margin. That streak dates to the period when the company’s high-end chips emerged as artificial intelligence’s best building blocks.
The results represent the latest indication that spending on AI infrastructure remains strong.