Nvidia Reports 122% Revenue Surge Amid Booming Data Center Demand; Announces $50 Billion Buyback

Nvidia has announced a remarkable 122% increase in revenue, driven by a surge in demand for its data center chips. The company’s latest earnings report surpassed Wall Street’s expectations, with adjusted earnings per share reaching 68 cents, ahead of the anticipated 64 cents, and revenue hitting $30.04 billion, above the $28.7 billion forecast. For the upcoming quarter, Nvidia projects revenue of around $32.5 billion, exceeding analysts’ estimates of $31.77 billion. Despite these strong results, Nvidia’s shares declined nearly 4% in after-hours trading. Net income for the quarter soared to $16.6 billion, or $0.67 per share, compared to $6.18 billion, or $2.48 per share, from the previous year. The company, a major player in the artificial intelligence sector, has seen its market value increase over ninefold since late 2022 and has risen 34% since its last earnings report. Nvidia also announced a substantial $50 billion share buyback program.