Nvidia earnings: Stock soars as AI giant again smashes quarterly expectations

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Nvidia beat Wall Street's lofty expectations for its hotly anticipated earnings report Wednesday afternoon, as the sizzling stock shows no sign of cooling as profits continue to explode thanks largely to the chipmakers' artificial intelligence business.

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24 Aug 2023

Nvidia’s $13.5 billion in sales and $2.45 earnings per share last quarter smashed consensus analyst estimates of $11.2 billion and $2.08, according to FactSet.

Revenue in its datacenter unit, which encompasses its critical AI unit, was $10.32 billion, a whopping 171% year-over-year increase and far exceeding analyst expectations of $8.03 billion.

Nvidia also said it expects $16 billion of sales in the current quarter, again coming in far above analysts’ projection of $12.6 billion.

Shares of Nvidia spiked 7% to over $500 in after-hours trading, set to top its intraday all-time high of $482 set Tuesday.

By far the largest producer of the chip technology powering generative AI, Nvidia has enjoyed a massive uptick in its valuation over the past year amid AI excitement among investors. Thanks to a more