NVIDIA has announced record revenue of $30.0 billion for the second quarter ending July 28, 2024, reflecting a 15% increase from the previous quarter and a remarkable 122% rise compared to the same period last year. The Data Center revenue reached $26.3 billion, marking a 16% growth from the prior quarter and a substantial 154% year-over-year increase.
For the quarter, NVIDIA reported GAAP earnings per diluted share at $0.67, up 12% sequentially and up 168% year-over-year. Non-GAAP earnings per diluted share were $0.68, an 11% increase from the prior quarter and a 152% increase compared to the same quarter last year.
Jensen Huang, NVIDIA’s founder and CEO, stated, “Hopper demand remains strong, and the anticipation for Blackwell is incredible.” He emphasized that NVIDIA’s record revenues are attributed to global data centers modernizing their computing infrastructure with accelerated computing and generative AI technologies.
The company highlighted that samples of its Blackwell architecture are being distributed to partners and customers. New product categories, including Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software, are gaining traction, showcasing NVIDIA’s comprehensive platform for data centers. Huang added that generative AI has the potential to transform various industries.
In the first half of fiscal 2025, NVIDIA returned $15.4 billion to its shareholders through share buybacks and cash dividends. As of the end of the second quarter, NVIDIA has $7.5 billion left under its share repurchase plan. Recently, the Board of Directors approved an additional $50.0 billion share repurchase authorization, valid without expiration.
NVIDIA will issue its next quarterly cash dividend of $0.01 per share on October 3, 2024, to shareholders recorded by September 12, 2024. The company completed a ten-for-one forward stock split on June 7, 2024.
In summary, for Q2 Fiscal 2025, NVIDIA reported the following financials:
– Revenue: $30,040 million (up 15% Q/Q, up 122% Y/Y)
– Gross margin: 75.1%
– Operating income: $18,642 million (up 10% Q/Q, up 174% Y/Y)
– Net income: $16,599 million (up 12% Q/Q, up 168% Y/Y)
– Diluted earnings per share: $0.67 (up 12% Q/Q, up 168% Y/Y)
Looking forward, NVIDIA anticipates third-quarter revenue to reach approximately $32.5 billion, with expected gross margins of 74.4% for GAAP and 75.0% for non-GAAP. Total operating expenses are projected to be around $4.3 billion for GAAP and $3.0 billion for non-GAAP.
In the gaming sector, NVIDIA recorded $2.9 billion in revenue, an increase of 9% sequentially and 16% year-on-year. The company also introduced NVIDIA ACE, a suite of generative AI technologies, and launched several new titles for NVIDIA GeForce RTX and DLSS.
In the automotive sector, NVIDIA’s revenue rose to $346 million, up 5% from the previous quarter and 37% from the same quarter last year. NVIDIA continues to innovate in robotics and autonomous machine development with new partnerships and technology previews set to enhance its product offerings.
Colette Kress, NVIDIA’s executive vice president and CFO, provided detailed commentary on the quarter, which can be accessed on NVIDIA’s investor relations website. Additionally, NVIDIA will hold a conference call to discuss its financial results and prospects.