Nvidia projects $91 billion revenue

Nvidia said on May 20 that first-quarter fiscal 2027 revenue rose 85% from a year earlier to $81.6 billion, and the chipmaker forecast $91.0 billion in second-quarter revenue, plus or minus 2%. The company reported GAAP earnings per diluted share of $2.39 and non-GAAP earnings per diluted share of $1.87 for the quarter ended April 26. Nvidia tied the outlook to continued demand for AI infrastructure, with Chief Executive Jensen Huang saying the buildout of “AI factories” was accelerating. ### Where does the $91 billion number come from? Nvidia gave the $91.0 billion figure as its official second-quarter fiscal 2027 revenue outlook in its earnings release and investor materials published after the market close on May 20. The company said the forecast carried a margin of plus or minus 2%, making it forward guidance rather than reported revenue. (investor.nvidia.com) The same release said Nvidia was “not assuming any Data Center compute revenue from China” in that outlook. That detail matters because China restrictions have been a recurring issue in Nvidia disclosures, and the company explicitly separated the forecast from any contribution in that category. (investor.nvidia.com) ### What did Nvidia actually report for the quarter? First-quarter revenue was $81.6 billion, up 20% from the previous quarter and up 85% from a year earlier, Nvidia said. Data center revenue reached $75.2 billion, also a company record, up 92% from a year earlier. (investor.nvidia.com) GAAP gross margin was 74.9% and non-GAAP gross margin was 75.0%, according to the earnings release. Nvidia said GAAP net income for the quarter was $29.8 billion. ### What did executives say was driving demand? Jensen Huang, Nvidia’s founder and chief executive, said in the release that “the buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed.” He also said “agentic AI has arrived,” describing it as already doing productive work and scaling across companies and industries. (investor.nvidia.com) CNBC’s live coverage of the earnings report highlighted the same point, saying Nvidia’s guidance reflected continued strength in AI spending and data-center demand. CNBC also reported that executives pointed to hyperscaler and enterprise activity as investors assessed whether AI infrastructure spending was holding up at current levels. (investor.nvidia.com) ### How did the earnings beat show up in the numbers? MarketBeat’s compilation of analyst expectations said Nvidia’s non-GAAP earnings per share of $1.87 beat consensus estimates of $1.76, while revenue of $81.62 billion topped expectations of $78.42 billion. Those comparisons matched the broad market framing that Nvidia had exceeded Wall Street forecasts while setting a new revenue target for the current quarter. (cnbc.com) Nvidia also announced capital returns alongside the earnings report. The company said it returned about $20.0 billion to shareholders in the quarter through repurchases and dividends, approved an additional $80.0 billion for share repurchases, and raised its quarterly dividend to $0.25 per share from $0.01. (marketbeat.com) ### What are investors watching next? June 4 is the record date for Nvidia’s increased quarterly dividend, and June 26 is the payment date, according to the company’s filing. Nvidia’s investor relations site lists the first-quarter fiscal 2027 webcast materials, including the earnings release, presentation and conference call archive, as the next reference points for investors tracking the second-quarter outlook. (sec.gov)