Nvidia forecasts $108bn quarter as revenue doubles

Nvidia reported quarterly revenue of $96.2 billion for the quarter ending July 26 and forecast about $108 billion for the current quarter, pointing to continued demand for artificial intelligence infrastructure.

Revenue rose 106% from a year earlier and 18% from the previous three months. Net profit reached $59.7 billion, up 126% from a year earlier, with the figure boosted by $7.8 billion in gains from Nvidia's stakes in AI companies.

Shares rose nearly 5% in after-hours trading on Wall Street after the results.

Chief executive Jensen Huang said in a statement that “the AI infrastructure buildout is at full steam.” Nvidia also forecast revenue growth of about 70% in its next fiscal year, which begins in January, and said sales were being limited by supply constraints rather than weak demand.

The company has faced questions about investing in AI startups that also buy its products. Chief financial officer Colette Kress said Nvidia recognised the scale of that support and that “some will call this circular financing,” but said the company saw it differently because of what it considers a major computing platform shift. Huang said his “only regret” was that he had not invested more and sooner.

Nvidia again projected no revenue from sales of AI computing chips in China in its forecast. Beijing has recently begun allowing limited quantities of Nvidia's H200 processors into the country, with ByteDance and Tencent reportedly receiving about 10,000 units each in recent weeks.

Nvidia remains the world's most valuable publicly traded company, ahead of Apple.