Nvidia, the chip behemoth based in Santa Clara, California, has reported a doubling of their revenue in the last quarter. Read on to discover how this impacts the company’s future prospects.
Nvidia’s recent quarterly revenue of $13.5 billion has surpassed Wall Street’s expectations, which were set at $11.2 billion.
The company’s adjusted net income saw an astonishing 429% growth compared to the same period last year, also beating expectations.
Nvidia predicts an even brighter future with an expected revenue of $16 billion in the upcoming quarter.
Colette Kress, Nvidia’s CFO, emphasized the massive and diverse demand for the company’s AI platforms across various sectors.
Nvidia has initiated a $25 billion stock buyback program, often interpreted as a sign that the company is bullish about its stock price.