Nvidia beats analysts’ forecasts, which were already above the guidance provided by the group during its previous quarterly results. The group posted revenue of $96.22 billion, compared with forecasts of around $92 billion. EPS came in at $2.22, against the $2.10 estimate compiled by CNBC. This is a solid result, although the figures are not the only factor affecting the present and future financial performance of the most significant group in the AI cycle.

At 11:00 p.m., the group will begin its conference call, which is particularly eagerly awaited for details on revenue and also for its guidance for the next quarter. In the first minutes of after-hours trading, the stock fell by more than 1%, despite the financial results exceeding both the group’s guidance and analysts’ expectations. Nvidia’s revenue grew by more than 100% year over year.

There are several new developments

The first comes from CFO Colette Kress, who said that sales in China now account for less than 1% of the group’s total activities. However, this is a beginning, given that the group reported zero sales in that geographical area in the previous quarter, and not by Nvidia’s choice.

For the rest, the result is important both in terms of financial results achieved and in terms of guidance for the next quarter. Despite this, however, the stock lost more than 1% when the figures were released.

One negative factor is the margins forecast for the next quarter, between 73.5% and 74.5%, compared with analysts’ estimates of 75–76.5%. As we explained to you this afternoon, this was one of the factors the markets were expected to consider. The margins for the quarter that has just ended were instead in line with expectations.

• Revenue guidance

Revenue guidance is between $105.84 billion and $110.16 billion, once again at levels above the average of analysts’ forecasts. Bloomberg notes that some of the analysts’ most optimistic forecasts indicated a maximum of $138.7 billion.

• Data Center revenue

Here too, there was a beat, meaning that expectations were exceeded; those expectations had been set at $85.86 billion. Actual figure: $89 billion.

• Dividend

On October 1, the group will distribute a dividend of $0.25 per share.

• Vera Rubin

The next quarter will see the high-profile debut of Vera Rubin. The current quarter, by contrast, focused on Blackwell Ultra, the infrastructure that the group identifies as responsible for the strong revenue growth in the data center segment.