Nvidia reports net income of $58.32bn and revenue of $81.62bn in February-April period, beating analyst expectations, though shares slip in after-hours trading

Nvidia's net income reached $58.32bn ($2.39 per share) in the February-April period, up from $18.78bn (76 cents per share) a year earlier; revenue rose 85% to $81.62bn from $44.01bn. Excluding one-time items, the company earned $1.87 per share, exceeding analyst expectations of $1.75 per share and $78.91bn in revenue.

The company forecasted revenue of about $91bn for the current quarter, above analyst expectations of $87.29bn. CEO Jensen Huang attributed the results to acceleration in 'the buildout of AI factories — the largest infrastructure expansion in human history.'

Operating expenses rose 49% to $7.75bn. Nvidia is diversifying its customer base to rely less on large data centre operators as governments and other industries become a bigger source of demand for AI chips.

Nvidia authorised an $80bn share buyback programme and increased its quarterly dividend to 25 cents per share from 1 cent. Despite strong results, shares fell slightly in after-hours trading to $222.12 after closing at $223.47 in the regular session.