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Nvidia Reports Record Q1 Results with $14B Profit, $26B Revenue, 262% Sales Growth

May 25, 2024, 10:32 PM

Nvidia has reported a record-breaking financial performance for the first quarter of its fiscal year 2024, driven by the surging demand for AI chips. The company achieved a profit of $14 billion in a single quarter and saw its sales grow by 262% year-over-year, reaching $26 billion in Q1. Nvidia's market capitalization has now surpassed the combined value of Amazon and Tesla. The company's data center revenue grew by 427% YoY to $22.6 billion, solidifying its dominance with over 90% market share for data center GPUs. Nvidia's CEO Jensen Huang highlighted the strong demand for AI products and the company's role in powering Tesla's Full Self-Driving technology. The company's stock has reached an all-time high, and it has announced a 10:1 stock split. Nvidia is part of the 'Magnificent 7' stocks, which now account for 31% of the S&P 500.