Nvidia reported better-than-expected first-quarter earnings and revenue Wednesday, with total revenue growing 69%, and sales in the company’s important data center division up 73% on an annual basis to $39.1 billion.

Shares of the world's most valuable semiconductor firm rose 3% in extended trading. The stock is relatively flat so far this year, compared with the shares nearly tripling in the past year, as Nvidia faces trade restrictions on what it can sell and the AI datacenter market matures.

On an adjusted basis, Nvidia earned 81 cents per share in the first quarter. Analyst estimates varied widely as Wall Street tried to assess the impact of restrictions on some of Nvidia's chip sales to China.

Excluding the charges, first-quarter adjusted earnings per share would have been 96 cents per share.

According to data compiled by LSEG, the estimate for the company's adjusted quarterly earnings was 93 cents per share, with 17 analysts providing estimates after April 15 when Nvidia said H20 shipments would require additional licenses.

Nvidia forecast second-quarter revenue below market estimates, expecting a major hit to sales from tighter U.S. curbs on exports of its AI chips to key semiconductor market China.

Washington's years-long efforts to thwart Beijing's access to top-of-the-line U.S. technology have resulted in stricter restrictions on the export of Nvidia's AI chips - stifling the company's access to one of the largest markets for semiconductors.

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New U.S. restrictions on the sale of Nvidia's H20 chips to China, the only AI processors it could legally export to the country, resulted in a charge of $5.5 billion, while CEO Jensen Huang had earlier pegged the revenue impact related to the restrictions at about $15 billion.

Though major cloud companies such as Microsoft and Alphabet have stood their ground on the billions they've earmarked this year for spending on expanding infrastructure for AI data centers, worries about such spending persist amid rapidly changing global trade policies.

The artificial intelligence market bellwether expects revenue of $45 billion, plus or minus 2%, in the second quarter, compared with analysts' average estimate of $45.90 billion, according to data compiled by LSEG.

The forecast includes a loss in H20 revenue of about $8 billion due to the recent export limitations.