Stocks
Nvidia's Earnings Disappoint Despite Record Revenue Growth
Nvidia's earnings report has left investors underwhelmed despite the chipmaker's revenue doubling from last year. The company's quarterly revenue reached $96.2 billion, a 106% increase from the same period in 2022.
The majority of Nvidia's revenue comes from data centers, which saw a significant spike of 117% year-over-year to $89 billion. However, investors were not impressed with the results, causing shares to dip by about 1% after hours.
Nvidia is seen as a bellwether for the AI market due to its dominant position in chip sales. CEO Jensen Huang's comments during the earnings call are expected to provide insight into the company's strategy and its views on the industry's circular financing practices.