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Nvidia's Q2 revenue reached a record $30 billion, up 122% year-on-year

Nvidia's Q2 revenue reached a record $30 billion, up 122% year-on-year

Bitget2024/08/29 00:25

PANews reported on August 29th, according to the financial world, Nvidia announced its second quarter financial results up to July 28, 2024. In the second quarter, the company's revenue reached a record $30.04 billion, exceeding market expectations of $28.7 billion and growing by 122% year-on-year; under GAAP rules, net profit increased by 168% year-on-year to $16.6 billion or earnings per share of $0.67 which exceeded market expectations. Among them, data center business revenue this season was $26.3 billion, an increase of 154% over the same period last year and higher than market expectations of $25.24 billion.
Nvidia expects third-quarter revenues to be around $32.5 billion which will be an increase of about 80% from the same period last year and higher than analysts' average estimate of $31.7 billion.
However, with market's highest expectation for Nvidia's third-quarter revenue reaching as high as $37.9billion there are concerns that its explosive growth is weakening.
In addition,Nvidia announced it has approved a stock buyback plan worth$50billion.Nvidia shares fell more than2% at close,and after-hours trading saw ups and downs with a drop exceeding8%.

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