Nvidia smashes Q2 revenue expectations with $30 billion earnings

Nvidia has blown past Wall Street predictions, reporting a massive $30 billion in revenue for Q2 ending July 28, 2024. This is up 15% from the last quarter and a whopping 122% from a year ago.

Earnings per share? Nvidia’s got that covered too. Their GAAP earnings per diluted share hit $0.67, which is a 12% jump from last quarter and a crazy 168% from last year.

And that’s not all. Their non-GAAP earnings per diluted share are at $0.68, up 11% from last quarter and up 152% from the same period last year.

Nvidia returned $15.4 billion to its shareholders in the first half of fiscal 2025. Yeah, you heard that right. They did it through share buybacks and cash dividends. And there’s still more in the tank—$7.5 billion left in their share buyback pot at the end of Q2. 

Moreover, the board approved another $50 billion in buybacks on August 26. That’s a serious amount of cash to be throwing around; no expiration date either. These guys are ready to keep shareholders happy for a long time.

They’re also paying out a quarterly cash dividend of $0.01 per share on October 3 for those who are in by September 12. Not a lot per share, sure, but when you’re moving this much stock, every penny counts. 

Oh, and if you missed it, Nvidia did a ten-for-one stock split back on June 7. Now, let’s flip the script to crypto because we know that’s where things get spicy. So far, since the report dropped, Bitcoin has jumped to $60,032 from $59,504. That’s a nice 0.88% lift.

The crypto market, especially Bitcoin, now seems to react to big tech earnings , and Nvidia’s blowout quarter is what analysts call the first catalyst to a bull run, with the Federal Reserve’s September rate cut being the second and final.

Nvidia’s strong performance is a good signal for crypto miners and traders alike. When Nvidia does well, it means more demand for the kind of high-performance computing that crypto relies on.