Nvidia reports record quarterly revenue, stock price crosses $1,000 threshold
Key Highlights
- Record quarterly revenue of $22.1 billion, up 22% from Q3 and 26.5% from a year ago
- Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3 and 40.9% from a year ago
- NVIDIA Corporation Common Stock (NVDA) stock price crossed the $1,000 threshold for the first time in after-hours trading
Financial Performance
Nvidia reported record quarterly revenue of $22.1 billion for its first quarter of fiscal 2024, up 19% from the previous quarter and 26.5% from a year ago. The company's Data Center segment drove the growth, with revenue increasing by 27% from Q3 and 40.9% from the same period last year. The Gaming segment also saw growth, with revenue increasing by 16% from Q3 and 44% from a year ago. The company's Automotive and Professional Visualization segments also reported revenue growth.
Earnings Expectations
Nvidia is expected to report earnings for its fiscal fourth quarter of 2024 on Wednesday after the closing. Analysts are expecting earnings of $1.32 per share on revenue of $24.7 billion. The company's guidance for the upcoming quarter will be closely watched by investors.
Stock Performance
Following the earnings report, Nvidia's stock price crossed the $1,000 threshold for the first time in after-hours trading. The stock had been trading around $950 prior to the release of the financial results. The strong financial performance and positive guidance sent the stock price higher.
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