NVIDIA disclosed its quarterly earnings as of April 26 after hours on U.S. markets. Revenue for the quarter reached $81.6 billion, a 20% increase from the previous quarter; data center revenue rose to $75.2 billion, setting a new record. Based on these results, the company approved an $80-billion stock repurchase program.
Next quarter's revenue guidance has slowed.
The company disclosed that the Blackwell architecture has been adopted and deployed by major hyperscale cloud providers, cloud service providers, and large model developers, with data center business continuing to be the core driver of this growth.
However, NVIDIA's revenue guidance for the next quarter indicates a slowdown in growth. The company expects revenue of $91 billion for the next quarter, representing an approximate increase of 12%.
Non-listed equity doubled in one quarter
A more prominent disclosure in this earnings report is the rapid increase in NVIDIA's holdings of equity in private companies. The filings show that this category of “non-marketable equity securities” nearly doubled within a single quarter.
- Beginning-of-quarter holdings of approximately $22 billion
- Increased to approximately $43 billion at the end of the quarter.
- New purchases this quarter amounted to approximately $18.5 billion.
In comparison, similar investments in the previous quarter increased by only $649 million, showing a significantly faster growth rate. The report notes that this figure does not include NVIDIA’s recent investments in publicly traded companies such as Corning and IREN, nor does it include future commitments that have not yet been finalized.
OpenAI and Anthropic remain priorities.
The report mentioned that NVIDIA pledged to invest $30 billion in OpenAI in February this year, but the specific structure of the transaction has not been disclosed, so it is not reflected in the currently completed position data.
During the earnings call, Huang also mentioned infrastructure expansion plans related to Anthropic. He stated that NVIDIA will provide Anthropic with substantial additional computing capacity this year and next, demonstrating that the company’s collaborations with leading model firms continue to expand.
Additional information: Management stated that China export factors did not significantly impact the quarter’s performance. The company noted that the H200 has received U.S. export authorization, but no related revenue has been recognized yet, and it remains uncertain whether the product will enter the Chinese market.