05:11 PM EDT, 05/22/2024 (MT Newswires) -- Nvidia's ( NVDA ) fiscal first-quarter results surpassed Wall Street's estimates as demand for generative artificial intelligence drove record data-center revenue while the chipmaker announced a forward stock split.

Adjusted per-share earnings surged to $6.12 during the three months ended April 28 from $1.09 a year earlier. That topped the consensus on Capital IQ of $5.58. Revenue more than tripled to $26.04 billion, higher than the Street's $24.59 billion call.

Nvidia's ( NVDA ) shares were up 3.8% in after-market trading.

"Companies and countries are partnering with Nvidia ( NVDA ) to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center -- AI factories," Chief Executive Jensen Huang said in a statement late Wednesday.

Data-center revenue surged 427% year-over-year to a record $22.6 billion, reflecting higher shipments of the Hopper graphics processing unit computing platform used for the training of large language models and generative AI applications, Chief Financial Officer Colette Kress said in comments posted on the company's website. Within the data center division, networking revenue advanced 242%, driven by InfiniBand end-to-end solutions.

Gaming revenue jumped 18% to $2.65 billion, while that of professional visualization added 45% to $427 million. Automotive rose 11%.

Nvidia ( NVDA ) expects second-quarter consolidated revenue of $28 billion, plus or minus 2%. The consensus estimate is $26.84 billion.

The company announced a 10-for-1 forward stock split, which will increase Nvidia's ( NVDA ) number of authorized common shares. Stockholders will receive nine additional shares for every share owned as of June 6, to be distributed after the close of market on June 7. Split-adjusted trading is expected to commence on June 10.

Nvidia ( NVDA ) raised its quarterly cash dividend by 150% to $0.10 per share. The increased dividend, which translates into $0.01 per share on a post-split basis, is payable June 28 to shareholders as of June 11.

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