Nvidia stock Gain 600% – announced 10-for – split after AI driven boom in share price
Nvidia again shattered Wall Street forecasts in its anxiously awaited earnings report Wednesday afternoon, sending shares of the chip designer and artificial intelligence top dog toward a record high.
Nvidia reported $6.12 earnings per share and $26 billion of sales for the three-month period ending April 30, shattering mean analyst forecasts of $5.60 and $24.59 billion, according to FactSet.
Nvidia’s profits and revenues skyrocketed by 628% and 268% compared to 2023’s comparable period, respectively.
This was Nvidia’s most profitable and highest sales quarter ever, topping the quarter ending this January’s record $12.3 billion net income and $22.1 billion revenue.
Driving the numerous superlatives for Nvidia’s financial growth over the last year is unsurprisingly its AI-intensive datacenter division, which raked in $22.6 billion of revenue last quarter, a 427% year-over-year increase and a whopping 20 times higher than the $1.1 billion the segment brought in in 2020.
Nvidia also announced it will conduct a 10-for-1 stock split June 7, which would trim its share price from about $950 to $95 while maintaining the company’s total valuation, enabling investors and employees to more affordably purchase whole shares.
Nvidia’s stock popped 4% immediately after the release, sitting at what would be an all-time high in regular trading hours.
