Nvidia’s strong Q2 results and bullish Q3 guidance
Nvidia, a leading chipmaker, has reported strong results for its second quarter of fiscal year 2024. The company’s revenue for the quarter was $13.51 billion, which was significantly higher than analysts’ expectations of $11.22 billion. Nvidia’s net income also surged to $6.19 billion, or $2.48 per share, from $656 million, or 26 cents per share, in the same quarter of the previous year.
Nvidia’s strong results were driven by strong demand for its chips in the data center and gaming markets. The company’s data center revenue grew 171% year-over-year to $10.32 billion, while its gaming revenue grew 31% to $2.49 billion.
Nvidia is also bullish about its third quarter results. The company expects revenue of about $16 billion for the quarter, which would be a growth of 170% from the year-earlier period. Nvidia’s guidance is based on strong demand for its chips from data center customers and gamers.
The company’s strong results and bullish guidance have sent its stock price up. Nvidia’s shares are up about 8% in after-hours trading.
Here are some key takeaways from Nvidia’s Q2 results:
- The company’s revenue and net income both beat analysts’ expectations.
- Nvidia’s data center and gaming businesses both grew strongly.
- The company is bullish about its third quarter results.
- Nvidia’s stock price is up in after-hours trading.