Nvidia posted another quarter of growth on Wednesday as booming demand for artificial intelligence (AI) chips continued to drive sales and profits sharply higher.
Revenue in the latest quarter surged 85% from a year earlier to $81.6 billion, accelerating from the previous quarter. Adjusted operating profit jumped nearly 150% to $53.5 billion, beating analysts' expectations, while net income rose to $58.3 billion from about $18.8 billion a year earlier.
The AI chipmaker also forecast revenue of about $91 billion for the current quarter, above the average estimate of analysts.
Nvidia has emerged as one of the biggest beneficiaries of the global AI boom, with its data centre chips powering much of the industry's rapid expansion. The company's market value has increased more than 15-fold over the past five years to about $5.6 trillion, making it the world's most valuable company ahead of Alphabet, which is valued at roughly $4.7 trillion.
Investors initially reacted cautiously to the closely watched results. Nvidia shares fell as much as 3% in after-hours trading immediately following the release before later fluctuating around flat levels.
