Nvidia posts record revenue, unveils 10-for-1 stock split

IconCryptoNewsTerminal Staff22 May, 2024

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Nvidia posts record revenue, unveils 10-for-1 stock split

Nvidia reported record revenue and earnings in its fiscal first quarter, driven by strong demand for its graphics processing units (GPUs) in gaming, data centers, and other markets. The company's revenue rose 261% to $26 billion, exceeding analyst estimates. Adjusted earnings per share were $6.12, up 461% year-over-year and above expectations of $5.59. Nvidia's growth was led by its gaming division, which saw revenue surge 34% to $3.6 billion. The company's data center business also performed well, with revenue climbing 46% to $2.9 billion. In addition to its strong financial results, Nvidia also announced a 10-for-1 stock split, which will take effect on July 20. The move is aimed at making Nvidia shares more accessible to smaller investors. "We are entering a new era of accelerated computing, driven by advances in AI and machine learning," said Nvidia CEO Jensen Huang. "Our new products and technologies are enabling breakthroughs in gaming, data centers, and other markets, and we are excited about the opportunities ahead." The strong earnings report and stock split announcement sent Nvidia shares up about 4% in after-hours trading.

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