Nvidia projects 70% revenue growth in 2028
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Add Axios on Google The Nvidia logo at the Gamescom computer gaming fair in Cologne, Germany, on Wednesday. Photo: Krisztian Bocsi/Bloomberg via Getty Images
Nvidia projected 70% revenue growth in its next fiscal year, sending its stock up in after-hours trading, while the company defended its decision to provide capital solutions to its customers.
Why it matters: The stock is widely considered a bellwether for the health of the broader AI economy, but lately it has been trailing the broader semiconductor sector in market gains.
Zoom in: In its latest quarter , Nvidia topped revenue and earnings expectations.
By the numbers: Nvidia posted revenue of $96.2 billion in its most recent quarter, more than doubling its year-earlier showing, while net income jumped 126% to $59.7 billion.
The impact: Nvidia shares — which had recorded a seven-day losing streak through Monday — rose 4.4% in after-hours trading.
The big picture: Nvidia's earnings report comes after a string of investments and capital maneuvers designed to boost the AI economy and bolster its customer base, including a recent deal to backstop an OpenAI data center.
The CFO acknowledged circular financing criticisms.
Editor's note: This story has been updated with details from Nvidia's earnings conference call.
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