Nvidia (NVDA) stock surged as much as 9% on Thursday, trading north of $1,000 in early trade and giving the chip giant a market cap above $2.5 trillion after its first quarter earnings once again blew away forecasts.
Nvidia’s first quarter results, released after the bell on Wednesday, showed adjusted earnings per share (EPS) tallied $6.12 on revenue of $26 billion, a jump of 461% and 262%, respectively, from a year ago.
The company also announced a 10-for-1 stock split and an increased dividend, following some of its Big Tech peers in doling out heftier quarterly payments to shareholders.
Analysts were expecting adjusted EPS of $5.65 on revenue of $24.69 billion, according to data from Bloomberg. The company reported adjusted EPS of $1.09 on revenue of $7.19 billion in the same quarter last year. In the current quarter, Nvidia expects revenue of $28 billion, plus or minus 2%. That’s better than the $26.6 billion analysts had expected.