NVIDIA Shares Soar Past $1,000 As CFO Focuses On A.I. Revenue Generation In Q1 Call
This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.
NVIDIA's highly anticipated earnings report for the first quarter of 2024 not only allowed the firm to maintain its triple digit revenue growth but also caused its share price to cross the coveted $1,000 mark in after market trading today. NVIDIA reported $26 billion in revenue during this year's first quarter, and its earnings report saw Q1 earnings per share and revenue guidance for Q2 surpass analyst estimates. Immediately after the release, NVIDIA's shares soared but then dithered as investors digested the results. The after market unease was resolved as the earnings conference call started, and soon afterward, the shares went on to touch $1,016 before paring back to $1,006.
NVIDIA's Stock Holds After Market Gains To Cros $1,000 After Strong First Quarter Earnings Report
Building on her official comments in the earnings release at market close, NVIDIA CFO Collette Kress shared additional details about the firm's A.I. partnerships in the industry at the firm's earnings call. According to her, NVIDIA's sequential Data Center growth was driven by "all customer types, with enterprise and consumer internet companies leading the way.
Related Story NVIDIA Aims For 100%+ Revenue Growth In Q2 After Solid First Quarter Earnings Report
Kress also carefully mentioned the 'rental' cloud market, which she believes can help its customers recover some of the costs of buying its chips. She stated that for "every one dollar spent on NVIDIA AI infrastructure, cloud providers have an opportunity to earn five dollars in GPU instant hosting revenue over four years." Costs were a key part of the NVIDIA CFO's opening remarks, as she stressed that for cloud rental customers, NVIDIA's products "offer the best time to train model. The lowest cost to train model. And the lowest cost to inference large language model."
She also shared some of the
Read more on wccftech.com
