SANTA CLARA (FFN) – Nvidia’s revenue surged by 122% in the last quarter, driven by strong demand for its data center chips, according to reports from CNBC, Reuters, and RTTNews. The company’s results and outlook for the next quarter exceeded market expectations.
The American chipmaker, which is currently reaping significant benefits from the boom in artificial intelligence (AI), reported a year-over-year revenue increase of 122.4% in Q2, reaching $30.04 billion USD (€27.02 billion EUR), up from $13.507 billion USD. Analysts had expected revenue to be around $28.7 billion USD.
Nvidia’s net income soared to $16.599 billion USD, or 67 cents per share, from $6.188 billion USD, or 25 cents per share, in the same period last year. The adjusted earnings were 68 cents per share, surpassing analysts’ predictions of 64 cents per share.
Looking ahead, Nvidia expects revenue of $32.5 billion USD in the current quarter, which would represent an 80% increase compared to Q3 2023. Analysts had forecasted revenue of $31.7 billion USD.
Nvidia continues to benefit primarily from significant corporate investments in AI development. The company’s stock has surged by over 150% this year, following a nearly 240% rise in 2023. Recently, Nvidia’s market value surpassed $3 trillion USD, briefly making it the most valuable publicly traded company in the world, before falling to second place behind Apple.
Revenue from the data center segment, which includes its AI processors, grew by 154% year-over-year to $26.3 billion USD, exceeding analysts’ expectations of $25.24 billion USD.
Despite Nvidia’s impressive results exceeding market expectations, investors were not overly impressed, leading to a decline in the company’s stock, as well as other chipmakers, in pre-market trading on Thursday, August 29.
| Indicator | Q2 2023 | Q2 2024 |
|---|---|---|
| Revenue (USD) | $13.507B | $30.04B |
| Net Income (USD) | $6.188B | $16.599B |
| Earnings Per Share (EPS) | $0.25 | $0.67 |
| Adjusted EPS | – | $0.68 |
| Data Center Revenue (USD) | – | $26.3B |
| Expected Q3 2024 Revenue (USD) | – | $32.5B |
Key Words: Nvidia, Q2 results, AI, data centers, revenue, earnings per share, market expectations.
