Nvidia Reports Record Q1 Earnings with $26B Revenue, $6.12 EPS, Announces Stock Split

May 22, 2024, 08:25 PM

Nvidia reported its Q1 2024 earnings, showcasing impressive financial performance driven by strong demand for AI chips. The company posted a record revenue of $26 billion, up 262% year-over-year, surpassing the estimated $24.69 billion. Earnings per share (EPS) were $6.12, exceeding the expected $5.59 and growing 629% YoY. The data center segment saw a remarkable 427% growth, contributing $22.6 billion to the total revenue. Nvidia also announced a 10-for-1 stock split effective June 7, 2024, and increased its quarterly dividend by 150% to $0.10 per share. The company reported a net income of $14.81 billion and an operating margin of 65%. Free cash flow was $14.94 billion. Nvidia provided a bullish Q2 revenue forecast of $28 billion, above the estimated $26.8 billion.