Nvidia profits soar over 600%, revenues above 200% as shares top $1,000 after 10-for-1 split announcement. Key highlight
Also Read | Wall Street today: US stocks drift ahead of Fed minutes, Nvidia drops as investors await earningsHere are the top 10 highlights from Nvidia's resultsNet income surged to $14.88 billion in the first quarter ended April 28, up more than sevenfold from $2.04 billion a year earlier.Revenue tripled to $26.04 billion from $7.19 billion in the previous year's quarter.Also Read | Nvidia earnings could spark $200 billion swing in shares, options showAdjusted earnings per share of $6.12 exceeded Wall Street's expectations of $5.60.Nvidia announced a 10-for-1 stock split.Also Read | An Nvidia co-founder’s latest bet: Making ‘Quantum Valley’ in New YorkThe company increased its dividend to 10 cents per share from 4 cents.Shares rose over 7% in after-hours trading to $1006.89.Also Read | Data Patterns India Q4 Results Live : profit falls by 7.97% YOYNvidia now boasts the third-highest market value on Wall Street, behind only Microsoft and Apple."The next industrial revolution has begun," CEO Jensen Huang declared.Huang predicted companies will use Nvidia chips to build "AI factories" producing "artificial intelligence."He said AI models are becoming "multimodal" and able to "reason and plan.""Training AI models is becoming a faster process as they learn to become 'multimodal' — that is, capable of understanding text, speech, images, video and 3-D data — and also 'learn to reason and plan,'" Huang added, as quoted by AP.Analysts praised Nvidia's performance, with Jacob Bourne of Emarketer remarking, "Nvidia defies gravity again." While tech giants aim to reduce dependence on Nvidia's AI hardware, "they're not quite there yet," Bourne said, as quoted by AP.(With Inputs from AP)Milestone Alert!
Livemint tops charts as the
