Nvidia crushed earnings expectations for the quarter ending January, and issued a strong guidance for the current quarter.
The chipmaker’s adjusted earnings for the quarter rose +69% from the year-ago quarter to $1.32, and beating the $1.22 expected by analysts polled by Refinitiv.
Revenue surged +53% year-over-year to $7.64 billion, versus $7.42 billion expected.
Nvidia’s sales from its data center business rose +71% year-over-year, while revenue from its gaming business climbed +37%. Professional Visualization business rose +109% annually. However, the company’s automotive business was down -14%.
The company projects revenue of $8.1 billion in the first quarter, higher than analyst forecast of $7.29 billion.
CEO Jensen Huang said that the company is experiencing “exceptional” demand because its chips are useful for artificial intelligence and other intensive applications.
According to Huang’s statement, Nvidia’s supply constraints were easing and that supply of products would rise “substantially” in the second half of 2022.
Nvidia said it had $9 billion in long-term supply obligations, up from $2.54 billion a year ago.