Quarterly revenue also more than doubled, to $96.22 billion, the company said, topping expectations on Wall Street.
Silicon Valley’s artificial intelligence spending spree may have unsettled Wall Street, but the chipmaker Nvidia is still cashing in on sales to the biggest technology companies.
Nvidia’s profit for the quarter that ended in July more than doubled from a year earlier to $59.69 billion, the company said on Wednesday. Revenue also more than doubled, to $96.22 billion. Just three years ago, Nvidia’s quarterly profit was $6.2 billion.
“A.I. has reached its inflection point,” Jensen Huang, Nvidia’s chief executive, said in a statement.
In an indication that the A.I. boom still has plenty of momentum, Nvidia told investors that its projected revenue in the current quarter would increase 90 percent from a year ago to $108 billion. The company expects to grow about 70 percent next year, even though it is “supply-constrained,” Colette Kress, Nvidia’s chief financial officer, said during a call with analysts and investors.
“Although we will work to close the supply-demand gap, we expect supply to remain a bottleneck” through at least January 2028, Ms. Kress said.
Nvidia’s results and projections topped expectations. Wall Street analysts had predicted quarterly profit of $50.94 billion on revenue of $91.96 billion, according to FactSet. For the current quarter, Wall Street predicted revenue of $103.77 billion. Nvidia’s share price was up as much as 4 percent in after-hours trading on Wednesday.
