When we first mentioned Nvidia (NVDA), it traded at $172.
Now, in after hours, it’s up about $44 a share to $349, well above our $300 price target. All after the company blew earnings out of the water. Q1 EPS of $1.09 was a beat by 17 cents. Revenue of $7.19 billion beat by $670 million. It even saw record data center revenue of $4.28 billion. And it just said it would pay its next quarterly cash dividend of four cents on June 30 to shareholders of record, as of June 8.
Even better, “The computer industry is going through two simultaneous transitions — accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA. “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.
“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,” he added.
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2024 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its second quarter of fiscal 2024.
