Good morning. Nvidia released its highly anticipated earnings report on Wednesday after the bell. And “enterprise” was a word that CFO Colette Kress emphasized during the earnings call.
Nvidia is the dominant maker of graphics processing units (GPUs) chips, which are now a critical tool for accelerating AI. Its revenue for the quarter ended July 28 was $30 billion, up 15% from the previous quarter and up 122% from a year ago. Net income was $16.6 billion up from $6.2 billion the same time last year. The results were driven by sales of Nvidia’s Hopper GPU, the company said. The chipmaker delivered gross profit margins of 75.1% and adjusted earnings per share of 68 cents, up from 27 cents a year ago.
