Earnings Per Share Exceed Expectations

NVIDIA Reports Strong Earnings, Beats Zacks Consensus Estimate

Earnings Per Share Exceed Expectations

SANTA CLARA, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- NVIDIA Corporation (NASDAQ: NVDA) today announced financial results for its first quarter ended April 30, 2024. The company reported earnings per share of $0.516, exceeding the Zacks Consensus Estimate of $0.455.

Revenue Growth Driven by Gaming and Data Center

NVIDIA's revenue grew by 23% year-over-year to $8.29 billion. The growth was primarily driven by strong demand for the company's gaming and data center products. Gaming revenue increased by 33% to $3.62 billion, while data center revenue grew by 26% to $2.91 billion.

Analysts Positive on NVIDIA's Future Prospects

Analysts are generally positive on NVIDIA's future prospects. The company's strong earnings performance and its leadership position in the gaming and data center markets are seen as key drivers of growth. However, some analysts caution that the company's earnings may be affected by the ongoing global semiconductor shortage.