NVIDIA has announced its financial results for the second quarter of fiscal 2024, revealing a new record revenue of $13.51 billion. This is 88% higher than what NVIDIA achieved in Q1, and up 101% from a year ago, with data center revenue alone being $10.32 billion, up 141% from the previous quarter and up 171% from a year ago. Much of this success can be attributed to NVIDIA’s hotly selling and very profitable AI GPUs, according to remarks from founder and CEO Jensen Huang. (Second-quarter revenue for the Gaming segment was $2.49 billion, up 11% from the previous quarter and up 22% from a year ago.)
“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.
“NVIDIA GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI.”
“During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading enterprise IT system and software providers announced partnerships to bring NVIDIA AI to every industry. The race is on to adopt generative AI.”
GAAP earnings per diluted share for the quarter were $2.48, up 854% from a year ago and up 202% from the previous quarter. Non-GAAP earnings per diluted share were $2.70, up 429% from a year ago and up 148% from the previous quarter.
During the second quarter of fiscal 2024, NVIDIA returned $3.38 billion to shareholders in the form of 7.5 million shares repurchased for $3.28 billion, and cash dividends. As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. On August 21, 2023, the Board of Directors approved an additional $25.00 billion in share repurchases, without expiration. NVIDIA plans to continue share repurchases this fiscal year.
