.jpg)
Investing.com — Nvidia reported Wednesday first-quarter results that topped Wall Street estimates, driven by robust AI-led demand in its data center business and the chipmaker also announced a ten-for-one forward stock split.
NVIDIA Corporation (NASDAQ:) was up more than 2% following the news.
Nvidia reported adjusted earnings of $6.12 per share on revenue of $26.04 billion. That topped analyst estimates for earnings of $5.58 a share on revenue of $24.53B.
The beat was driven by a 427% jump in data center revenue to $22.56B in Q1 from a year earlier, beating estimates of $21.32B, amid AI-led demand for hardware to train various AI applications including large learning models.
These jump in data center growth “reflect higher shipments of the NVIDIA Hopper GPU computing platform used for training and inferencing with large language models, recommendation engines, and generative AI applications,” the company said.
Looking ahead to fiscal Q2, the company forecasts revenue of $28B, give or take 2%, that was above estimates for $26.54B.
The also announced a ten-for-one forward stock split starting Jun.7, to make its stock ownership more accessible to employees and investors.
The chipmaker hiked its quarterly cash dividend by 150% to $0.10 per share.
