Nvidia announced strong second-quarter results, with revenue more than doubling from the previous year to $96.22 billion, surpassing analyst forecasts of $92.27 billion. Net income for the May-July period reached $59.69 billion, or $2.46 per share, a substantial increase from $26.42 billion, or $1.08 per share, in the same quarter last year. Excluding certain items, earnings were $2.22 per share, above the $2.09 per share consensus forecast.
Driving this growth was Nvidia's data center division, which generated $89 billion in revenue, marking a 117% increase year-over-year. CEO Jensen Huang stated, "AI has reached its inflection point... Now, compute is revenue," highlighting the accelerating demand for AI infrastructure. The company also provided an optimistic outlook, projecting revenue of $108 billion for the current quarter, exceeding analysts' average forecast.
Analysts reacted positively to the results, with Matt Britzman of Hargreaves Lansdown calling it "another monster set of results." Nvidia's shares rose by 4.7% in after-hours trading following the announcement. The company's crucial role in the AI boom is evident, as major tech companies like Amazon, Meta, Google, and Microsoft rely on Nvidia chips for their AI infrastructure. Nvidia also announced strategic partnerships to mobilize over $500 billion for AI infrastructure buildout.
