Nvidia tops Q1 forecasts on strong AI chip Sales, beats market expectations |
Nvidia reported its fiscal first quarter results after the bell on Wednesday, topping analysts’ expectations on the top and bottom lines and offering a better-than-anticipated Q2 outlook.
Top AI chips manufacturing company, Forecast second-quarter revenue above Wall Street expectations on Wednesday and announced an $80 billion share repurchase program.
Nvidia stock initially fell more than 2% on the news.
Shares of the company ticked down 0.2% in extended trading but now the world's most valuable company expects revenue of $91 billion, plus or minus 2%, compared with estimates of $86.84 billion, according to data compiled by LSEG.
Nvidia's results are largely considered a barometer for the AI market's health, as its chips are used in virtually every major data center in the world, powering the largest and most advanced AI models.
"Nvidia delivered another beat, but at this point that's essentially priced in as it keeps beating quarter........