$NVIDIA (NVDA.US)$ Nvidia's Q2 earnings report was impressiv...
#NVIDIA's Q2 financial report is impressive, with revenue soaring 122% to $30.04 billion, and EPS reporting $0.68, both beating analysts' expectations ($28.73 billion & $0.64). The increase in gross margin of 4.5 percentage points to 75.7% was driven by the significant growth in data center revenue compared to the same period last year. NVIDIA's Q3 revenue outlook easily exceeded market consensus, but failed to meet the more optimistic buyer consensus. Even announcing a $50 billion share buyback plan, the stock still fell by about -7% after hours.
All departments in Q2 showed year-on-year and quarter-on-quarter growth. The largest proportion was the "Data Center," which skyrocketed by 154% to $26.27 billion, with annual growth rate surpassing the high range of the previous two quarters, but still better than analysts' expectations of $25.24 billion. The data center department currently accounts for a historical high of 87% of revenue. The second largest proportion is "Gaming," with a year-on-year growth of 16% to $2.88 billion, surpassing the market consensus of $2.7 billion. It has now achieved year-on-year growth for five consecutive quarters. The "Automotive" department grew by 37% year-on-year, also slightly better than market expectations.
👉 CEO Huang Renxun said that the demand for Hopper architecture chips is still strong, and the market's expectations for the Blackwell series chips are incredible. Currently, NVIDIA has already sent samples of Blackwell chips to customers and plans to start mass production in Q4 as scheduled, continuing until 2025. It is expected to achieve billions of dollars in Blackwell revenue in Q4, and the shipment volume of Hopper is expected to further increase in the second half of 2024.
Looking ahead, Nvidia estimates that Q3 revenue will increase by 79% to $32.5 billion, surpassing Wall Street's expectations of $31.75 billion. However, the year-on-year growth rate will fall to double digits after four consecutive quarters of exceeding 100%. The gross margin is expected to further decline to 75%, roughly in line with the same period last year, while Wall Street generally predicts a gross margin of 75.4%.
All departments in Q2 showed year-on-year and quarter-on-quarter growth. The largest proportion was the "Data Center," which skyrocketed by 154% to $26.27 billion, with annual growth rate surpassing the high range of the previous two quarters, but still better than analysts' expectations of $25.24 billion. The data center department currently accounts for a historical high of 87% of revenue. The second largest proportion is "Gaming," with a year-on-year growth of 16% to $2.88 billion, surpassing the market consensus of $2.7 billion. It has now achieved year-on-year growth for five consecutive quarters. The "Automotive" department grew by 37% year-on-year, also slightly better than market expectations.
👉 CEO Huang Renxun said that the demand for Hopper architecture chips is still strong, and the market's expectations for the Blackwell series chips are incredible. Currently, NVIDIA has already sent samples of Blackwell chips to customers and plans to start mass production in Q4 as scheduled, continuing until 2025. It is expected to achieve billions of dollars in Blackwell revenue in Q4, and the shipment volume of Hopper is expected to further increase in the second half of 2024.
Looking ahead, Nvidia estimates that Q3 revenue will increase by 79% to $32.5 billion, surpassing Wall Street's expectations of $31.75 billion. However, the year-on-year growth rate will fall to double digits after four consecutive quarters of exceeding 100%. The gross margin is expected to further decline to 75%, roughly in line with the same period last year, while Wall Street generally predicts a gross margin of 75.4%.
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