Nvidia Announces Financial Results for the Second Quarter of Fiscal Year 2024
On August 23rd, NVIDIA unveiled its Q2 2024 financial statement. As the pivotal chipmaker at the heart of the artificial intelligence computing sector, NVIDIA’s performance has once again eclipsed expectations, propelled by the wave of AI advancements. Its quarterly revenue surpassed the $10 billion mark for the first time, reaching $13.507 billion—a twofold increase year-over-year and a substantial uptick sequentially. The net profit soared by over 400% year-on-year and also surged by more than 100% from the previous quarter.
Jensen Huang, NVIDIA’s CEO, articulated that during this quarter, major cloud computing providers announced expansive NVIDIA H100 AI infrastructure initiatives. Leading enterprise IT systems and software vendors declared collaborative ventures, integrating NVIDIA AI across a myriad of industries, heralding the onset of contests focused on generative artificial intelligence.
The financial report elucidates that for the quarter ending on July 30, 2023, NVIDIA posted revenues of $13.507 billion, surpassing the analysts’ general projection of $11.22 billion. This marked a 101% augmentation compared to the $6.704 billion from the same period the previous year and an 88% elevation from the prior quarter’s $7.192 billion—setting a historical benchmark. The net profit stood at $6.188 billion, representing an 843% climb from the previous year’s $656 million and a 203% increment from the $2.043 billion of the previous quarter.
To delineate further, NVIDIA’s Q2 2024 financials revealed data center revenues of $10.32 billion—an uplift of 171% year-on-year and 141% sequentially. The gaming segment generated $2.49 billion, marking a 22% year-on-year increase and an 11% sequential rise. The visualization business accounted for $379 million, declining 24% year-on-year but ascending 28% from the previous quarter. The automotive segment garnered $253 million, witnessing a 15% year-on-year enhancement but a 15% dip sequentially.
NVIDIA projects that generative artificial intelligence will remain a driving force for their financial performance. They anticipate revenues of $16 billion for Q3 2024, with a variance of 2%. The forecasted gross margin is approximated at 71.5%, with a 50 basis points fluctuation. This revenue outlook overshadows the prior analyst expectation of $12.5 billion. In addition, NVIDIA has granted additional authorization for a $25 billion stock buyback.
