NVIDIA Reports $30 Billion in Revenue and 122% Growth for Q2 2024

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As a seasoned analyst with over two decades of experience in the tech industry, I have witnessed numerous ups and downs, booms, and busts. Today, NVIDIA’s earnings report for Q2 2024 leaves me both impressed and puzzled.

For the quarter ending July 28, 2024, NVIDIA unveiled their financial report, boasting remarkable performances.

Last year at this time, the business brought in approximately $30 billion in sales – that’s a massive 122% boost compared to the previous year. They also have a solid foothold in the artificial intelligence chip industry.

NVIDIA Corporation ($NVDA) has recently announced its earnings, surpassing estimates in both Earnings Per Share (EPS) and revenue. The reported EPS was $0.68, exceeding the anticipated $0.64. Additionally, the company’s revenue amounted to a robust $30 billion, outperforming expectations of $28.7 billion.

— Evan (@StockMKTNewz) August 28, 2024

Based on the data presented, NVIDIA’s earnings per share experienced a substantial increase to approximately $0.68, representing a 168% rise compared to the same period last year. This figure surpassed analyst expectations, which anticipated $0.64 per share and revenue of around $28.72 billion.

In the third quarter, NVIDIA anticipates generating approximately $32.5 billion in sales. Moreover, the forthcoming launch of its Blackwell processors may boost profits even more and solidify its position within the artificial intelligence chip market.

However, despite these strong results, NVIDIA’s stock has fallen. It dropped about 2.10% to $125.61 and then fell 6.81% more in after-hours trading to $116.88. This drop comes as competition grows in the AI chip market. 

Furthermore, fresh entrants such as Cerebras, d-Matrix, and Groq are joining the fray, while tech giants like Microsoft, Facebook (Meta), Amazon, Google (Alphabet), and OpenAI are also working on creating their custom AI processors.

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2024-08-29 03:48