Revenue in the three months ended July 26 totaled $96.2 billion, up 18% over last quarter and 106% from the year-ago period, the company reported Wednesday—crushing analyst estimates of $92.2 billion.

In a rare move, the chipmaker provided a revenue growth outlook for fiscal 2028 that forecast annual sales to increase 70% from the prior year. While Nvidia did not provide a specific revenue figure for fiscal 2028, the 70% growth rate is well above the 44% growth expected by analysts.

Shares of Nvidia which had initially declined slightly after the earnings report, reversed course and increased by more than 5% in after hours trading as company executives discussed the results on the conference call.

“AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue,” said Jensen Huang, founder and CEO of Nvidia in a statement. “And demand is accelerating,” he said.

For the quarter currently underway, Nvidia guided to revenue of $91 billion plus or minus 2%, outpacing the average analyst expectation of $103.9 billion.

Data center revenue, the overwhelming majority of Nvidia’s AI business, clocked in at $89 billion, compared to analyst estimates of $85.7 billion. Last quarter, the data center segment produced $75.2 billion in revenue, up 92% from the year prior when revenue was $39.1 billion. Within the data center business, Nvidia reported $48.7 billion in hyperscale revenue and $40.3 billion in AI clouds, industrial, and enterprise (ACIE) revenue, a breakdown the company adopted to make large cloud customers distinct from AI-native clouds, sovereign AI, and on-premises enterprise. 

Nvidia reported non-GAAP earnings of $2.22 per diluted share. Analysts had expected $2.06 to $2.09. Last quarter, Nvidia earned $1.87 per share as a non-GAAP figure and $2.39 on a GAAP basis. The company began including stock-based compensation in its non-GAAP results, which makes direct comparisons to previous fiscal years less of an apples-to-apples distinction.