Core Viewpoint - Nvidia's Q1 FY26 earnings report exceeded expectations despite facing export restrictions from the U.S. government, leading to a nearly 5% increase in stock price after the announcement [2][3] Financial Performance - Nvidia's Q1 FY26 revenue reached $44.1 billion, a 69% year-over-year increase, surpassing market expectations of $43.1 billion [3][4] - Net income for the quarter was $18.8 billion, lower than the expected $20.8 billion, while adjusted earnings per share were $0.76, slightly above the forecast of $0.73 [4][5] - The gross margin decreased to 60.5%, down from 73.0% in the previous quarter and 78.4% year-over-year [4] Business Segments - The data center business generated $39.1 billion in revenue, a 73% year-over-year increase, while gaming and AI PC revenue reached $3.8 billion, marking a 42% increase [6] - Nvidia's professional visualization and automotive segments also showed steady growth [6] Future Guidance - For Q2 FY26, Nvidia forecasts sales of approximately $45 billion, which is below market expectations of $45.9 billion, with an estimated loss of $8 billion due to H20 export restrictions [6][7] - The company reported a $4.5 billion charge related to H20 chip inventory surplus due to new export controls [7] Market Insights - Nvidia's revenue from the Chinese market was $5.5 billion, below the expected $6.2 billion, accounting for 12.5% of total revenue, down from 14% and 15% in the previous two quarters [7][8] - CEO Jensen Huang emphasized the importance of the Chinese market for global AI success, noting that half of the world's AI researchers are based in China [8]

每经编辑｜毕陆名 当地时间周三，人工智能(AI)总龙头英伟达发布了截至4月27日的2026财年第一财季报告。尽管受到美国政府出口限制的压力，但业绩整体好于预期。美股 盘后，英伟达股价一度涨超5%。 英伟达Q1业绩整体超预期 美东时间5月28日周三美股盘后，英伟达公布截至自然年2025年4月27日的公司2026财年第一财季（下称一季度）财务数据，以及2026财年第二财季（下称二 季度）的业绩指引。 1）主要财务数据： 营收：一季度营业收入441亿美元，同比增长69%，分析师预期432.9亿美元，英伟达自身指引421.4亿至438.6亿美元，前一季度同比增长78%。 EPS：一季度非GAAP口径下调整后的每股收益（EPS）为0.81美元，同比增长33%，剔除H20相关费用和关税影响后EPS为0.96美元，分析师预期0.93美元， 前一季度同比增长71%。 毛利率：一季度调整后毛利率为61%，同比下降17.9个百分点，剔除H20影响后毛利率为71.3%，分析师预期71%，英伟达指引为70.5%至71.5%，前一季度为 73.5%、同比下降3.2个百分点。 营业费用：一季度调整后营业费用35.8亿美元，同比增长43% ...