Nvidia has again surpassed Wall Street expectations, reporting a strong quarterly profit driven by relentless demand for its high-end artificial intelligence chips.
The California-based company posted net income of $58.32 billion, or $2.39 per share, for the February to April period, compared with $18.78 billion, or 76 cents per share, a year earlier. Excluding one-time items, earnings came to $1.76 per share, just ahead of the $1.75 analysts had predicted.
Revenue for the quarter was not disclosed separately in the same way, but analysts had forecast $78.91 billion, according to FactSet. Nvidia has consistently beaten expectations since its chips became central to AI development three years ago.
Chief executive Jensen Huang said the expansion of what he called AI factories was accelerating at extraordinary speed, describing it as the largest infrastructure buildout in human history.
Looking ahead, Nvidia forecast revenue of roughly $91 billion for the current quarter, above the $87.29 billion analysts expect. Shares slipped slightly in after-hours trading to $222.12, having closed at $223.47, giving the company a market value of $5.4 trillion.
