Nvidia reported earnings after the bell that beat Wall Street expectations, and provided stronger-than-expected guidance for the current quarter, CNBC reported. Nvidia shares fell 8% in extended trading.
Nvidia said it expects about $28.7 billion in current-quarter revenue, versus $31.7 billion expected by analysts, according to StreetAccount. That would be an increase of 80% from a year earlier.
Revenue continues to surge at the chipmaker, rising 122% on an annual basis during the quarter, following three straight periods of year-over-year growth in excess of 200%.
Net income more than double to $16.6 billion, or 67 cents per share, in the quarter, from $6.18 billion, or 25 cents per share, in the year-ago period.
Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom. Nvidia shares are up more than 150% this year after soaring almost $240% in 2023. Its market cap recently eclipsed $3 trillion, and Nvidia was briefly the most valuable public company in the world, though it is now second to Apple.
Nvidia posted a press release titled: “NVIDIA Announces Financial Results for Second Quarter Fiscal 2025”
NVIDIA today reported for the second quarter ended July 28, 2024, of $30.0 billion, up from 15% from the previous quarter and up 122% from a year ago.
For the quarter, GAAP earnings per diluted share was $0.67, up 12% from the previous quarter and up 168% from a year ago. Non-GAAP earnings per diluted share was $0.68, up from 11% from the previous quarter and up 152% from a year ago.
“Hopper demand remains strong, and the anticipation for Blackwell is incredible,” said Jensen Huang, founder and CEO of NVIDIA. “NVIDIA achieved record revenues as global data center are in full throttle to modernize the entire computing stack with accelerated computing and generative AI.”
“Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are two new produce categories achieving significant scale, demonstrating that NVIDIA is a full-stack and data center-scale platform. Across the entire stack and ecosystem, we are helping frontier model makers to consume internet services, and now enterprises. Generative AI will revolutionize every industry.”…
NBC News reported Nvidia said it expects about $32.5 billion in current quarter revenue, verses $31.7 billion expected by analysts, according to StreetAccount. That would be an increase of 80% from a year earlier.
Revenue continues to surge at the chipmaker, rising 122% on an annual basis during the quarter, following three straight periods of year-over-year growth in excess of 200%
Nvidia has been the primary beneficiary of the ongoing artificial intelligence boom. Nvidia shares are up over 150% this year after soaring almost 240% in 2023. It’s marker cap recently eclipsed $3 trillion, and Nvidia was briefly the most valuable public company in the world, through it’s now second to Apple.
In my opinion, I think the shareholders of Nvidia stock are going to be pleased with the results.