Nvidia doubles its sales, but investors have their eye on the future | CNN Business

New York —

Nvidia’s earnings beat expectations and its revenue doubled from a year ago, but it was the potential for future growth that excited investors.

The chipmaker has seen soaring revenue sitting at the head of the AI boom. The company earned $96.2 billion in the most recent quarter, a 106% rise from a year ago, according to its earnings report on Wednesday. Revenue from sales to data centers, an overwhelming chunk of its business, was $89 billion, an increase of 117% from a year ago.

Despite those blockbuster numbers, shares didn’t take an upward turn until the company’s earnings call on Wednesday evening. CFO Colette Kress told investors that the company expected its fiscal 2028 income to grow by 70%. Analysts had expected 45%.

Nvidia (NVDA) shares rose more than 4% after-hours, reversing course after initially dipping following the earnings release.