Graphics card manufacturer Nvidia announced better-than-expected fourth-quarter results on Wednesday, sending its shares up more than 5% in after-hours trading. The company reported adjusted earnings per share of $3.21, ahead of analysts' estimates of $2.98 per share. Revenue came in at $5.02 billion, exceeding the forecasted $4.82 billion.
Nvidia's positive Q4 report can be attributed to strong demand for its data centre chips and gaming components, as well as a rise in cryptocurrency mining. The company also benefited from its acquisition of Arm, which is currently awaiting regulatory approval.
Despite the ongoing global chip shortage, Nvidia expects to continue to outperform market expectations, projecting first-quarter revenue of $5.3 billion, well above Wall Street's estimated $4.5 billion.
Nvidia CEO Jensen Huang expressed optimism about the company's future, stating that "the age of AI has come to every industry," and that Nvidia is "well positioned to lead the way forward."