NVIDIA has announced its second-quarter earnings for the period ending July 28, 2024, revealing a remarkable financial performance. The company reported a revenue of $30 billion, marking a 122% year-over-year increase and underscoring its dominant position in the AI chip market.
The earnings report highlights a substantial rise in earnings per share (EPS), which soared to $0.68, a 168% increase compared to the previous year. This surpasses analysts’ expectations of $0.64 per share and $28.72 billion in revenue.
Looking ahead, NVIDIA projects revenue of $32.5 billion for the third quarter. The anticipated launch of its Blackwell chips is expected to further bolster earnings and solidify NVIDIA’s leadership in the AI chip sector.
Despite these robust financial results, NVIDIA’s stock has experienced a decline. Shares fell by approximately 2.10% to $125.61, and a further 6.81% drop occurred in after-hours trading, bringing the price down to $116.88. This decline is attributed to increasing competition in the AI chip market.
Emerging startups such as Cerebras, d-Matrix, and Groq are entering the industry, while major tech companies including Microsoft, Meta, Amazon, Alphabet, and OpenAI are also advancing their own AI chip technologies.
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