Chipmaker Nvidia ends the first quarter, with revenue hitting $26 billion. This marks an 18% increase from the previous quarter and a significant 262% rise compared to the same period last year.
“The next industrial revolution has begun — companies and countries are partnering with Nvidia to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” said Jensen Huang, founder and CEO of Nvidia.
Huang emphasized that AI will enhance productivity across various industries, aiding companies in becoming more cost- and energy-efficient while expanding their revenue opportunities.
For the quarter, Nvidia’s GAAP earnings per diluted share reached $5.98, up 21% from the previous quarter and up 629% year-over-year. Non-GAAP earnings per diluted share stood at $6.12, reflecting a 19% increase from the prior quarter and a 461% increase from the previous year.
Data centers
Huang announced that Nvidia is well-positioned for further growth, with the Blackwell platform in full production, supporting large-scale generative AI. The Spectrum-X initiative aims to bring AI capabilities to Ethernet-only data centers, and the new Nvidia NIM software offers enterprise-grade AI solutions across various computing environments.
The company’s data center growth was driven by rising demand for generative AI (GenAI) training and inference on the Hopper platform, extending beyond cloud service providers to sectors like consumer internet, enterprise, sovereign AI, automotive, and healthcare.
Nvidia is boosting its quarterly cash dividend by 150%, from $0.04 per share to $0.10 per share of common stock, equivalent to $0.01 per share post-split. The increased dividend will be paid on June 28, 2024, to shareholders of record on June 11, 2024.