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Overwhelmingly better than expectations! NVIDIA announces strong earnings report

NVIDIA's fiscal year 2027 Q1 revenue reached $81.6 billion, up 85% year-over-year; market expectations were $78.67B, and the same period last year was $44.06B (NVIDIA's fiscal year runs from February to January of the following year, with FY2027 Q1 corresponding to February-April 2026).

Q1 net profit was $58.3 billion, with market expectations of $42.24B, and last year's same period was $18.77B. Q1 data center revenue was $75.2 billion, with market expectations of $72.8 billion, and last year's same period was $39.11B.

The company expects FY2027 Q2 revenue to be $91 billion; market expectations are $86.79B.

In the first quarter of FY2027, the company returned $20 billion to shareholders through stock buybacks and dividends; announced an additional $80 billion stock repurchase authorization, and increased quarterly dividends to $0.25 per share.

After the earnings report was released, NVIDIA's stock price surged after hours, but the rally didn't last long. As of now, NVIDIA's stock price has fallen 1.6% after hours.

This situation is actually quite common. Looking back, in the past five earnings reports, NVIDIA's stock declined on the next trading day four times.

The earnings report shows that in the first fiscal quarter of this year, NVIDIA reported earnings per share (EPS) of $1.87, beating analyst expectations of $1.77; revenue was $81.62 billion, exceeding analyst expectations of $79.18 billion, up 85% year-over-year.

For the second fiscal quarter, NVIDIA expects revenue between $89.1 billion and $92.8 billion. Wall Street's previous expectation was $87.3 billion.

The company returned $20 billion to shareholders through stock buybacks and dividends in the first quarter. NVIDIA also announced an additional $80 billion stock repurchase authorization and increased quarterly dividends to $0.25 per share.

Vera Rubin to begin shipping in the second half of the year

Jensen Huang stated during the earnings call that production and shipping of the next-generation rack-scale AI system Vera Rubin are expected to begin in the second half of this year.

Huang said NVIDIA is confident in its forecasts that Blackwell and Rubin chips will generate $1 trillion in revenue between 2025 and 2027, and expects Vera Rubin to be “more successful than Grace Blackwell.”

NVIDIA is facing increasingly fierce competition in the AI processor field, including from emerging player Cerebras (CBRS), which went public last Thursday. Additionally, chip businesses of clients like Amazon and Google are also rapidly developing.

Changing the way earnings are reported

NVIDIA also announced it will change its quarterly earnings reporting method. The company will now divide revenue into two parts: data centers and edge computing.

The data center segment will include hyperscale data centers and AI cloud, industrial, and enterprise customers. Edge computing will consist of devices, agent systems, and physical AI, which the company says will include “personal computers, gaming consoles, workstations, AI wireless access base stations, robots, and automobiles.”

Huang told analysts during the earnings call: “Regarding business segmentation and description, we want you to better understand our business.”

Huang pointed out that AI is at the core of the company's overall business, but some companies differ greatly from others in technical approaches and initiatives. He said:

“This is the simplest way to understand our business. They each have different tech stacks in many aspects. They use different operating systems. Their operational models are different, and our market strategies on each platform are also completely different.”