Nvidia reports its earnings | weareiowa.com [Video]

LOS ANGELES — Nvidia may have exceeded Wall Street estimates as its profit jumped — buffeted by the chipmaking dominance that has cemented Nvidia’s place as the poster child of the artificial intelligence boom — but investors seemed less than impressed.

The company reported a net income of to $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122% from a year ago and 15% from the previous quarter.

By comparison, S&P 500 companies overall are expected to deliver just 5% growth in revenue for the quarter, according to FactSet.

However, Nvidia shares slipped nearly 4% in after-hours trading.

Nvidia has led the artificial intelligence sector to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train and operate their AI systems.

The company reported second-quarter …