FQ1 2027 key numbers:

Revenue: $11.03B, up 23% QoQ and 378% YoY, above the top of its own guide for a fifth quarter in a row

Gross margin: 85.0%, up 0.4 points QoQ

Operating income: $8.78B, up 25% QoQ

Net income: $8.1B, up 17% QoQ

EPS: $52.60, up 20% QoQ vs $0.75 a year ago

Operating cash flow: $6.36B

Free cash flow: $6.31B

Share buybacks: $5B (about 3.2M shares)

Cash: $5.1B with no debt

Vs expectations

Non-GAAP EPS was $49.51 vs about $47.15 expected, a 5% beat

Revenue beat the $10.6-10.7B consensus

Segments

Data Center: $4.80B, up 61% QoQ, now 44% of sales vs 12% a year ago

Edge (phones, PCs, auto, IoT): $5.83B, up 7% QoQ

Consumer: $0.40B, down 29% QoQ, now only 4% of sales

Guidance and corporate

FQ2 revenue guidance: $12.2-12.6B

FQ2 non-GAAP EPS guidance: $55-57 on a pre-split basis

Capex: rising through the year, to a mid-single-digit percentage of revenue for FY27

8-for-1 stock split, with a record date of Nov 9 and effective Nov 19

Market reaction

The stock fell about 7.8%…