Nvidia Delivers Record Revenues in Q1, Up 262 Percent YOY

Nvidia reported today that it earned a net income of $14.9 billion on revenues of $26 billion in the quarter ending April 28. Those figures represent year-over-year (YOY) gains of 628 percent and 262 percent, respectively.

“The next industrial revolution has begun,” Nvidia founder and CEO Jensen Huang said. “Companies and countries are partnering with Nvidia to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity, artificial intelligence. AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.”

Almost all of Nvidia’s revenues now come from its Data Center business, which delivered a record $22.6 billion in revenues, up 427 percent YOY. The company credited higher shipments of its Hopper GPU computing platform for the gains; this GPU is used for training and inferencing with large language models (LLMs). Nvidia revealed that Meta used 24,000 of its Hopper H100 GPUs to train its Llama 3 models.

As for the rest of the company, Gaming and AI PC added $2.6 billion in revenues, up 18 percent YOY, Professional Visualization added $427 million (up 45 percent YOY), and Automotive and Robotics came in at $329 million (up 11 percent YOY).

With its stock price pushing past $1000 for the first time, Nvidia also announced a 10-for-1 stock split to make ownership more accessible to employees and investors. It also increased its quarterly cash dividend by 150 percent to $0.10 per share.

And Nvidia says its rocket sled of success won’t end anytime soon: It expects to deliver another $28 billion in revenues in the current quarter.