NVIDIA (NASDAQ: NVDA) reported financial results for the first quarter ended April 28, 2024, stating revenue of $26.0 billion, up 18% from the previous quarter with an impressive 262% increase year-over-year. The findings highlight NVIDIA’s dominant position in the technology sector, particularly in the data center and artificial intelligence (AI) sectors.
Under the leadership of founder and CEO Jensen Huang, NVIDIA is driving and defining what Huang describes as the “next industrial revolution.” The company is at the forefront of transforming traditional data centers into AI factories, crucial to the emerging AI commodity market. The latest platforms from NVIDIA, such as Blackwell for AI computing and Spectrum-X for large-scale AI data centers are set to completely transform the industry. NVIDIA is significantly expanding its influence across multiple industries. From the providers of cloud services to healthcare systems up to the implementation of automotive technologies, AI and computing solutions of the company are setting new standards. NVIDIA is also strengthening its gaming segment and PCs have been introduced new AI gaming technologies at GDC for NVIDIA ACE and Neural Graphics and new AI performance optimizations and integrations for Windows have been revealed to ensure peak performance on NVIDIA GeForce RTX AI PCs and workstations. The announcement of highly successful new games such as Star Wars Outlaws and Black Myth Wukong, which will use RTX technology, are proof of Nvidia’s continued commitment to creating an increasingly innovative environment for gamers.
Despite this, it is precisely the sector of gaming to go against the trend, First quarter revenue was $2.6 billion, down 8% from the previous quarter but still up 18% from the prior year.
One of the most significant announcements is certainly that of ten-to-one stock split, a move to make its shareholder base more accessible and reward shareholders. After the split, the company decided to increase its quarterly dividend by 150% to $0.10 per share, or $0.01 per share on a post-split basis.
#NVIDIA #shatters #expectations #revenues #growing #annual #basis
