NVIDIA Tops Forecasts with Sales Surging 84%
May 27, 2021
reported record revenue for the first quarter ended May 2, 2021, of $5.66
billion, up 84 percent from a year earlier and up 13 percent from the previous
quarter, with record revenue from the company’s Gaming, Data Center and
Professional Visualization platforms.
GAAP earnings per diluted share for the quarter were a record $3.03, up 106
percent from a year ago and up 31 percent from the previous quarter. Non-GAAP
earnings per diluted share were $3.66, up 103 percent from a year earlier and up
18 percent from the previous quarter.
Wall Street was expecting revenue of $5.41
billion with earnings of $3.28 per share.
Nvidia processors it sells specifically for cryptocurrency miners had sales of
“We had a fantastic quarter, with strong demand for our products driving record
revenue,” said Jensen Huang, founder and CEO of NVIDIA.
“Our Data Center business continues to expand, as the world’s industries take up
NVIDIA AI to process computer vision, conversational AI, natural language
understanding and recommender systems. NVIDIA RTX has reinvented computer
graphics and is driving upgrades across the gaming and design markets. Our
partners are launching the largest-ever wave of NVIDIA-powered laptops. Across
industries, the adoption of NVIDIA computing platforms is accelerating.
one year in, has exceeded our expectations and transformed NVIDIA into a
data-center-scale computing company. We continue to make headway with our
planned acquisition of Arm, which will accelerate innovation and growth for the
Arm ecosystem. From gaming, cloud computing, AI, robotics, self-driving cars, to
genomics and computational biology, NVIDIA continues to do impactful work to
invent a better future,” he said.
NVIDIA paid quarterly cash dividends of $99 million in the first quarter. It
will pay its next quarterly cash dividend of $0.16 per share on July 1, 2021, to
all shareholders of record on June 10, 2021.
On May 21, 2021, the company’s board of directors declared a four-for-one split
of NVIDIA’s common stock payable in the form of a stock dividend, with the
additional shares expected to be distributed on July 19, 2021. The stock
dividend is conditioned on obtaining stockholder approval at the company’s 2021
Annual Meeting of Stockholders on June 3, 2021, to increase the number of
authorized shares of common stock from 2 billion to 4 billion.