It’s earnings season at the moment (as well as developer conference season), and Nvidia just posted its results, normally we don’t really care but holy forking shirt balls, they’ve done it, Joe.
Nvidia has had a banger of a first quarter with a 628 per cent jump in profit. Yes, SIX HUNDRED AND TWENTY-EIGHT PER CENT!!!!!!
And it’s revenue, was not as big but still jaw-dropping at 268 per cent, this is all compared to 2023 stats.
Over the last quarter ending at the end of April, Nvidia reported US$26 billion in sales.
This is bloody massive and if you are reading this and have Nvidia stock, take the day off, buy yourself a private jet and have a spicy margarita for me.
According to Forbes, this is the company’s most profitable and highest sales quarter ever, which very much makes sense.
Why is Nvidia so profitable right now?
The AI boom, that’s why. Nvidia creates many of the semiconductors for the technology that powers generative AI technology. Over the past two years, Nvidia has been growing at a rapid pace due to its tech that powers generative AI applications. This is your favourite tech company’s tech company.
Remember all the AI announcements we’ve reported over the past few weeks? Yeah, some of those guys use Nvidia chips. Also, Amazon and Meta are Nvidia customers too. So don’t expect them to drop in revenue anytime soon.
Nvidia is the third-most profitable company in the world with a market capitalisation of about US$2.3 trillion still behind Apple and Microsoft.
And of course, Twitter had many, many funny reactions to this. See them below, go on, have a laugh.
— Bojan Tunguz (@tunguz) May 22, 2024
Wall Street analysts reacting to NVIDIA beat earnings by 200% instead of 250% pic.twitter.com/BV1ZDYZAey
— gaut (@0xgaut) May 22, 2024
ME LOOKING AT NVIDIA SHARES HITTING NEW ALL TIME HIGHS IN THE AFTER HOURS$NVDA
— GURGAVIN (@gurgavin) May 22, 2024
pic.twitter.com/ALD9kfPl36
This isn’t a reaction but I think a good depiction of how CEO Jensen Huang feels right now
Jensen Huang (co-founder and CEO of NVIDIA) pic.twitter.com/e1tQkKKEZ5
— Dripped Out Technology Brothers (@TechBroDrip) February 13, 2023
Image: Disney/Getty Images/Athina Mallis