Nvidia reported fiscal Q1 2027 results after the close on May 20, beating both consensus and management's own guidance. Revenue of $81.61 billion topped the $80.4B consensus by 3.16% and was up 85.2% year over year. Non-GAAP diluted EPS landed at $1.87 against a $1.77 estimate, a 5.4% beat. Data Center revenue was $75.25 billion, up 92% YoY. Forward guidance for Q2 came in at $91 billion plus or minus 2%.
$91 billion in Q2 guidance is the number that matters. That implies roughly 12% sequential growth on top of a $81.6B base. The street had been modeling something closer to $86B for Q2, so the guide came in roughly 6% above consensus. The composition tells you Blackwell 300 is shipping. Data Center at $75.25B (92% YoY growth) is the engine. The legacy H100/H200 lines are now a single-digit percentage of data center revenue. Blackwell production constraints that worried the street through Q4 last year appear to have eased. Gross margin held at the high end of guidance. Either supply-chain costs came in better than feared or Nvidia is passing them through cleanly. The Q2 guide implies the second. For the post-print rally, the yields environment matters. The 10-year sat at roughly 4.5% going into earnings. At that level, even a clean beat-and-raise produces a more muted post-print move than the same fundamental result would have at sub-4% yields. The stock's reaction will depend more on the conference call commentary about Q3 visibility than on the headline numbers.
For Nvidia shareholders: the beat is clean and the guide is strong. The post-print reaction depends on whether Jensen's call commentary backs the $91B Q2 with Q3 visibility, or stops there. For AI infrastructure operators: assume Nvidia capacity remains constrained at current pricing through year-end. Plan procurement accordingly.