Nvidia's Q2 revenue reached a record $30 billion, up 122% year-on-year
PANews reported on August 29th, according to the financial world, Nvidia announced its second quarter financial results up to July 28, 2024. In the second quarter, the company's revenue reached a record $30.04 billion, exceeding market expectations of $28.7 billion and growing by 122% year-on-year; under GAAP rules, net profit increased by 168% year-on-year to $16.6 billion or earnings per share of $0.67 which exceeded market expectations. Among them, data center business revenue this season was $26.3 billion, an increase of 154% over the same period last year and higher than market expectations of $25.24 billion.
Nvidia expects third-quarter revenues to be around $32.5 billion which will be an increase of about 80% from the same period last year and higher than analysts' average estimate of $31.7 billion.
However, with market's highest expectation for Nvidia's third-quarter revenue reaching as high as $37.9billion there are concerns that its explosive growth is weakening.
In addition,Nvidia announced it has approved a stock buyback plan worth$50billion.Nvidia shares fell more than2% at close,and after-hours trading saw ups and downs with a drop exceeding8%.
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