NVIDIA has announced impressive financial results for the second quarter ending July 28, 2024. The company's revenue reached $30 billion, marking a significant 15% increase from the previous quarter and an outstanding 122% rise compared to the same period last year. This is also 3.8% higher than expectations.
NVIDIA’s GAAP earnings per diluted share for the quarter stood at $0.67, reflecting a 12% increase quarter-over-quarter and a remarkable 168% year-over-year growth. On a non-GAAP basis, earnings per diluted share were $0.68, up 11% from the prior quarter and 152% from the previous year.
Jensen Huang, NVIDIA’s founder and CEO, attributed the company’s strong performance to the continued demand for its cutting-edge AI and computing solutions. “Hopper demand remains strong, and the anticipation for Blackwell is incredible,” Huang said. He also emphasized that the surge in global data center modernization, powered by accelerated computing and generative AI, has contributed significantly to the record revenues.
Huang highlighted the growing impact of NVIDIA’s latest products: “Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are two new product categories achieving significant scale.” These advancements showcase NVIDIA’s role as a full-stack and data center-scale platform, catering to a wide range of industries and applications, from frontier model makers to consumer internet services and enterprises.
During the first half of fiscal 2025, NVIDIA returned $15.4 billion to shareholders through share repurchases and cash dividends. As of the end of Q2, the company still had $7.5 billion remaining under its share repurchase authorization. In a show of confidence, NVIDIA’s Board of Directors approved an additional $50.0 billion in share repurchase authorization on August 26, 2024, with no expiration date.
The next quarterly cash dividend of $0.01 per share is scheduled to be paid on October 3, 2024, to shareholders of record as of September 12, 2024.
In June 2024, NVIDIA completed a ten-for-one forward stock split, retroactively adjusting all share and per-share amounts to reflect the split.
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