Nvidia Financial Report Summary
On August 28, 2024, Nvidia reported its second-quarter financial performance as of July 28, 2024. The company announced a record quarterly revenue of $30 billion, a 15% increase from the previous quarter and a 122% year-on-year increase. Data center revenue also reached a record $26.3 billion, up 16% from the previous quarter and a 154% year-on-year increase. GAAP diluted earnings per share were $0.67, a 12% increase from the previous quarter and a 168% increase from the previous year. Non-GAAP diluted earnings per share were $0.68, an 11% increase from the previous quarter and a 152% year-on-year increase. Nvidia CEO Jensen Huang emphasized the strong demand for the Hopper architecture and the high expectations for the upcoming Blackwell architecture. The company also announced an increase of $50 billion in share buyback authorization, and plans to pay a quarterly cash dividend of $0.01 per share on October 3, 2024. Looking ahead, Nvidia expects third-quarter revenue to be around $32.5 billion, with gross margin expected to be 74.4% and 75.0% under Generally Accepted Accounting Principles and non-GAAP respectively. The full-year gross margin is expected to be around 70%, with operating expenses growing by around 40%.
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