Nvidia reports upbeat guidance as Q1 results top estimates; Shares surge

Investing.com -- Nvidia reported upbeat guidance and fiscal first-quarter results on Wednesday that topped analyst estimates and the chipmaker talked up the boost to chip demand from growing interest in artificial intelligence. 

NVIDIA Corporation (NASDAQ:NVDA) shares were up 19% in after-hours trade on Wednesday following the report.

NVIDIA announced earnings per share of $1.09 on revenue of $7.19 billion. Analysts polled by Investing.com anticipated EPS of $0.92 on revenue of $6.52B.

First-quarter revenue in its data center business reached a record $4.28B, up 14% from a year ago and up 18% from the previous quarter. That helped offset weakness in its gaming business, with revenue down 38% to $2.24B from a year ago.

“A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process," the company said.

“Our entire data center family of products — H100, Grace CPU, Grace Hopper Superchip, NVLink, Quantum 400 InfiniBand and BlueField-3 DPU — is in production. We are significantly increasing our supply to meet surging demand for them,” it added.

Looking ahead to fiscal Q2, the company guided revenue in a range of $11.00B, plus or minus 2%. That was ahead of Wall Street estimates for $7.13B.