Nvidia Financial Report for Q2 2024
Nvidia continues to demonstrate impressive financial results, reporting for the second quarter of 2024. The company’s revenue reached $13.5 billion, exceeding the figures for the same period last year by 101% and representing an 88% increase from the previous quarter. This result also surpassed analysts’ expectations, who predicted revenue of $11.2 billion.
Nvidia’s financial report for the 2nd quarter of fiscal year 2024
| Indicators | |
|---|---|
| Key Financial Indicators | |
| ————————————– | ————————————- |
| Revenue | $13.5 billion |
| Year-over-Year Change | +101% |
| Quarter-over-Quarter Change | +88% |
| ————————————– | |
| Gross Margin | 70.1% |
| Year-over-Year Change | +26.6 percentage points |
| Quarter-over-Quarter Change | +5.5 percentage points |
| ————————————– | |
| Operating Income | $6.8 billion |
| Year-over-Year Change | growth by +3.2 times |
| Quarter-over-Quarter Change | +218% |
| ————————————– | |
| Net Income | $6.2 billion |
| Year-over-Year Change | +843% |
| ————————————– | |
| Adjusted EPS | $2.7 |
| Year-over-Year Change | +429% |
| ————————————– | |
| Nvidia Comments | |
| – Revenue in Q3 2024 | is expected to be around $16 billion |
Nvidia’s gross margin has significantly increased by 26.6 percentage points on an annual basis and by 5.5 percentage points compared to the previous quarter, reaching 70.1%. This indicates effective cost management and improved profitability for the company.
Operating profit has grown 3.2 times over the year, reaching $6.8 billion, while net profit has increased by 843% to $6.2 billion. Adjusted EPS stands at $2.7, surpassing last year’s figures by 429% and exceeding Wall Street’s estimate of $2.09.
Nvidia’s Comments
- Commenting on their financial results, Nvidia stated that they expect revenue of $16 billion in the third quarter. The company also mentioned that they do not anticipate significant negative impact on their financial results from additional restrictions on the export of graphics processors, if such restrictions are imposed.
- One important trend highlighted by Nvidia is the widespread adoption of HGX systems based on their graphics processors. HGX systems are being actively implemented by companies such as AWS, Google Cloud, Meta*, Microsoft Azure, and Oracle Cloud. Nvidia expects shipments to grow every quarter over the next year.
- Analysts note that Nvidia’s success in the field of generative artificial intelligence (AI) does not necessarily imply that the entire technology sector will follow suit. However, Nvidia’s strong financial report can serve as a catalyst for the market and reaffirm the importance of AI in the technology sector.
Nvidia continues to demonstrate impressive financial growth. The increase in revenue, operating profit, and net profit over the past year and quarter indicates that the company is successfully expanding and efficiently managing its resources. The widespread adoption of HGX systems also suggests that Nvidia is further solidifying its position in the graphics processor market. The AI boom also positively impacts the company’s financial performance and supports high demand for its products. Overall, Nvidia’s financial report for the second quarter of 2024 confirms its leading position in the technology sector and instills optimism in the market.
