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Nvidia reports $30 billion in revenue for Q2

Nvidia reports $30 billion in revenue for Q2

GrafaGrafa2024/08/29 02:40
By:Liezl Gambe

Nvidia's Q2 earnings call on August 28 delivered strong results, with CFO Colette Kress announcing a revenue of $30 billion, surpassing previous estimates by $2 billion.

The earnings beat represents a seven percent increase over the company's forecast, continuing Nvidia's trend of record-breaking quarters.

Investors and analysts had been closely watching this earnings call, treating it as a crucial indicator for the artificial intelligence (AI) industry's direction.

The positive earnings report has alleviated concerns about a potential downturn in the AI sector, sparking optimism across social media and financial markets.

Nvidia's projections for the third quarter are also bullish, with expected revenues of $32.4 billion, further boosting investor confidence.

Kress attributed the impressive growth to strong GPU sales, the upcoming release of the Blackwell chips, and robust performance in both domestic and international data services, with notable gains in the Chinese market.

The Blackwell platform, which includes new hardware and software, is slated for production starting in Q4 2024 and continuing into 2026, with demand already outstripping supply.

Kress highlighted that the high demand for Nvidia's products is expected to persist into the next year, signaling continued growth potential.

The strong Q2 results have solidified Nvidia's position as the leader in the AI sector, providing a positive signal for the broader industry.

Many analysts viewed the August 28 earnings call as a critical litmus test for the AI sector's trajectory, and Nvidia’s performance suggests that the industry remains on a strong upward path.

Nvidia's next earnings call is scheduled for November 20, where further developments in its AI ventures and market performance will be discussed.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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