Nvidia Q1 results surpass Wall Street expectations thanks to massive AI chip demand

Artificial intelligence chipmaker Nvidia's quarterly results surpassed Wall Street's expectations once again, fuelled by massive demand for its high-end AI chips.

The company said Wednesday it earned USD 58.32 billion, or USD 2.39 per share, in the February-April period, up from USD 18.78 billion, or 76 cents per share, in the same period a year earlier. Excluding one-time items, Nvidia earned USD 1.76 per share.

Revenue jumped 85 per cent to USD 81.62 billion from USD 44.01 billion.

Analysts, on average, were expecting earnings of USD 1.75 per share and revenue of USD 78.91 billion, according to a poll by FactSet. Nvidia's results have exceeded the analyst projections that shape investors' perceptions since Nvidia's high-end chips emerged as AI's best building blocks three years ago.

''The buildout of AI factories - the largest infrastructure expansion in human history - is accelerating at extraordinary speed,'' said CEO Jensen Huang in a statement.

For the current quarter, Nvidia forecast revenue of about USD 91 billion. Analysts are forecasting USD 87.29 billion.

Shares of the Santa Clara, California-based company dipped slightly after-hours to USD 222.12 after closing at USD 223.47 in the regular trading session. As of Wednesday's close, Nvidia had a market value of USD 5.4 trillion.

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