Nvidia closed its first quarter of fiscal 2027 with revenue of $81.62 billion, up 85 per cent from a year earlier and 20 per cent above the previous quarter, the chipmaker said on Tuesday evening. Data-centre revenue, the engine of the company's AI boom, climbed 92 per cent year on year to $75.2 billion.
Adjusted earnings reached $1.87 per diluted share, ahead of the $1.78 consensus, with GAAP gross margin holding at a remarkable 74.9 per cent. The board approved an additional $80 billion share repurchase programme and raised the quarterly cash dividend twenty-five-fold, from one cent to twenty-five cents.
Despite the beat on every headline metric, shares fell roughly 3 per cent in extended trading and dragged Nasdaq 100 futures lower overnight. The reaction underscored the burden of expectation: with the stock up more than 60 per cent over the past twelve months, even a clean print no longer reliably triggers a rally.
On the post-results call, chief executive Jensen Huang said the company's Rubin-architecture systems were now shipping in volume to "every major hyperscaler" and that the next-generation Vera CPU complement would enter production in the September quarter. He framed competition from custom silicon at Google, Amazon and Microsoft as "complementary, not substitutional" — language Wall Street parsed for any hint of share loss.
The Mexico-routed China revenue line, the workaround that emerged in 2025 after Washington tightened export controls, contributed $4.1 billion in the quarter, down from $5.6 billion a quarter earlier. Huang said the company was not assuming any easing of US policy in its current-quarter guidance.
Guidance for the July quarter was set at $86 to $88 billion, marginally above consensus, with gross margins seen narrowing slightly to 74.5 per cent as the mix shifts to liquid-cooled rack-scale systems. The company committed to roughly $19 billion of capital expenditure on its own AI build-outs over the next twelve months, a figure that competes with its hyperscaler customers' own capex programmes.
Anthropic, OpenAI and Meta Platforms each featured in Huang's opening remarks, with the chief executive saying "Nvidia is the only platform that runs every frontier AI model." He singled out the recently expanded Anthropic compute partnership with SpaceX, noting that the underlying Colossus cluster runs exclusively on Nvidia silicon.
Sell-side analysts were broadly positive but split on direction. Morgan Stanley raised its price target to $215, citing the buyback math; Bernstein cut to "market-perform" on margin concerns. The bond market's reaction was milder than equities': two-year Treasury yields, which had been creeping up on Iran-related worries, were unchanged after the print.