Nvidia Reports Triple-Digits Jump in Revenue and Profits

During the second quarter of 2024, NVIDIA recorded a significant rise in revenue and net profit. The chipmaker reported YoY growth in almost all business segments, except for professional visualization.

The company had revenue of $13.51 billion, up 101% from a year ago and up 88% from the previous quarter. Earnings per diluted share for the quarter were $2.48, up 854% from a year ago and up 202% from the previous quarter.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA. “GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI. During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading enterprise IT systems and software providers announced partnerships to bring NVIDIA AI to every industry. The race is on to adopt generative AI,” he said.

During the second quarter of fiscal 2024, NVIDIA returned $3.38 billion to shareholders in the form of 7.5 million shares repurchased for $3.28 billion, and cash dividends. As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. On August 21, 2023, the Board of Directors approved an additional $25.00 billion in share repurchases, without expiration. NVIDIA’s data center revenue grew 141% to $10.3 billion, gaming revenue grew 22% to $2.5 billion, and automotive-related chips generated $253 million, up 15%. The company predicted revenue of around $16 billion for its fiscal Q3 and also announced it will buy back $25 billion in shares.