Nvidia (NVDA) released its first quarter fiscal report and the results were exceptional. The company reported a huge profit and revenue in the quarter. Most of Nvidia’s revenue came from its data center compute as generative AI keeps growing.
Shares rose by 10 percent, Thursday. The company made announcements including stock split and making a new chip each year. CWEB has earlier reported that the stock is Buy and reaffirms this as competitors are not expected to catch up till sometime next year.
Nvidia newsroom reported a quarterly revenue of $26 billion and said that this was an 18 percent increase from its fourth quarter as well as a 262 percent increase from a year ago. Most of the increase in its revenue—$22.6 billion was from its data center which was a 23 percent increase from the fourth quarter and a 427 percent increase from a year ago.
It unveiled a new Nvidia Blackwell platform for a new era of AI computing. It also said that it would unveil a chip every year, while it took two years to unveil earlier chips.
Nvidia also announced a ten-for-one stock split that would be effective June 7, 2024. It also said that its quarterly cash dividend was raised 150 percent to $0.01 per share on a post split basis and will be paid on Friday June 28, 2024 to all its shareholders as per records on Tuesday June 11, 2024.
Nvidia reported a 8 percent fall in gaming revenue of $2.6 billion from quarter four though gaming revenue was up 18 percent from a year ago. It also reported an increase in automotive revenue up 17 percent from quarter four at $329 million and a 11 percent increase from a year ago.
Nvidia has gone for a stock split to make its stock more accessible to small investors. It also hopes to be considered by the Dow Jones after the split and would like to be listed in the prestigious index. CWEB also reports that Nvidia’s competitors might take a year or more to catch up with the chip design maker. So, the stock remains Buy.
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