Nvidia reported record sales that more than doubled thanks to growing demand for artificial intelligence chips.
What is known
The company said it topped $13.5 billion in revenue in the three months to the end of June. Nvidia also expects further sales growth in the current quarter and plans to buy back $25 billion worth of its shares.
High performance was achieved through the division of Nvidia, which deals with data centers. It also includes chips for artificial intelligence.
Revenue of this division was more than $10.3 billion that is 170% more, than the previous year. This is due to the fact that cloud computing service providers and large consumer Internet companies have purchased new generation processors.
By the end of the current quarter, Nvidia is forecasting revenue growth to $16 billion. This is well above Wall Street’s expectations and represents an increase of about 170% compared to the same period last year.
After the publication of the report, the value of the company’s securities in extended trading in New York rose by more than 6.5%. This allowed Nvidia to gain a foothold in the “club of trillionaires”, which the tech giant got into in May 2023.
Source: BBC
2023-08-24 10:07:14
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