Nvidia Reports Earnings: AI Leader Achieves Yet Another Record High in Quarterly

Nvidia's recent earnings report showed that the company's sales have hit another record high, reaching $44.1 billion for the quarter ending April 27.

This figure exceeds Wall Street's predictions and represents a 69% year-over-year increase, with the company's stock jumping 3% to $138 following the announcement. However, despite beating expectations, Nvidia's bottom line growth was more modest, with a 33% annual EPS increase due to a $4.5 billion charge related to new H20 export controls to China. The company expects to lose around $8 billion in revenue during the summer quarter as a result of these regulations. Nonetheless, Nvidia's strong position in the AI accelerator market, with a 75% market share, has made it one of the most valuable companies in the world, with its market capitalization second only to Microsoft. The company's stock performance has reflected this, rising 700% since November 2022 and contributing significantly to founder and CEO Jensen Huang's net worth of $119 billion, making him the 11th-richest person globally.