Key facts
- Nvidia reported net income of $59.69 billion for the May-July period.
- Revenue for the quarter reached $96.22 billion, more than doubling from the previous year.
- Adjusted earnings per share of $2.22 surpassed the consensus forecast of $2.09.
- Nvidia forecasts revenue of approximately $108 billion for the current quarter, exceeding analysts' projection of $104.86 billion.
- The company is expanding its partnership with Amazon Web Services to deploy an additional 2 million Nvidia GPUs by 2028.
Nvidia's quarterly results have surpassed Wall Street's expectations, driven by a significant increase in revenue from its high-end artificial intelligence chips, indicating continued strong demand for AI infrastructure spending. The company reported a net income of $59.69 billion, or $2.46 per share, for the May-July period, a substantial increase from $26.42 billion, or $1.08 per share, in the same quarter last year. Excluding certain items, earnings were $2.22 per share, exceeding the consensus forecast of $2.09 per share. Revenue more than doubled from the previous year to $96.22 billion, surpassing the average analyst forecast of $92.27 billion. Nvidia's high-end chips have become essential for AI development, leading to consistent performance that clears analyst expectations over the past three years. The company announced an expansion of its partnership with Amazon Web Services to deploy an additional 2 million Nvidia GPUs across Amazon's global infrastructure in 2027 and 2028. For the current quarter (August-October), the company forecasts revenue of approximately $108 billion, with analysts projecting $104.86 billion. If achieved, this would represent an 89% increase from the previous year, suggesting an acceleration in Nvidia's growth rate. Following the release of its results, Nvidia's shares experienced a slight decline, falling 1.8% in after-hours trading and closing 1.6% lower in the regular session, though they rose 4% after CEO Jensen Huang spoke on a conference call. The stock remains up 12.4% year-to-date.