Nvidia's highly anticipated quarterly earnings on Wednesday beat expectations but failed to impress investors, with its shares falling in after-hours trading.
The chipmaker earned $30 billion in revenue for the three months ended July, up 15% from the previous quarter and 122% from the same period a year ago, beating Wall Street expectations of $28.7 billion.
“NVIDIA delivered record revenue as data centers around the world work to modernize their entire computing stack with accelerated computing and generative AI,” CEO Jensen Huang said in a statement on Wednesday.
“We're helping people across the stack and ecosystem, from cutting-edge model makers to consumer internet services and now enterprises,” he added. “Generative AI will revolutionize every industry.”
But Nvidia's earnings did not appear to impress investors, with the chipmaker's shares falling 7 percent in after-hours trading Wednesday night.
The company's chips are at the heart of the artificial intelligence (AI) boom and have powered a big rally in the stock market, with its shares up 160% since the start of the year.
Nvidia's market capitalization surpassed $3 trillion for the first time in June, briefly making it the world's most valuable company. The company's market capitalization is now $3.09 trillion, making the chipmaker the second-most valuable company after Apple.
