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.
Discussion (7 replies)
Join Discussion →and here is where investors come in and ask Nvidia to step out of the consumer market and focus on AI.
Pretty sure it's already happened.
We'll see. There are a lot of other factors at play and these numbers are aligning with those from multiple analysts and are forecast to get even bigger (really bigger) in the next few years but after that things on the AI front are expected to level off a bit and that could affect their focus on the consumer market.
https://www.thefpsreview.com/2023/07/29/nvidias-revenue-from-ai-could-increase-tenfold-by-2027-to-300-billion/
If Intel continues to improve that's another thing to consider for the low-mid range segments and AMD has consistently been doing well there also for some time. I'd say this is where there's some unknown regarding NVIDIA but nobody can touch them in the top tier and despite its price, the 4090 seems to have done well.
I think Nvidia will explore another market once AI level's off to maintain growth... CPU's.
It would be the spin-off, like when Alphabet formed to spin off / separate Google and the other various enterprises there.
Maybe. They failed in their attempt to get ARM. They are still going to be a major investor, but I think they have realized they don't need the CPU to make money. If it's any indication, their efforts at doing APUs/SOCs has more or less petered out.
The CPU is just a traffic cop any more, the heavy lifting is all done by more specialized processors, and that's the niche nVidia has found and hammered home hard.
I'll give nvidia credit by having many programmable processors on a card, they have really shown that the flexibility is in demand. Especially as other processes take advantage of it.
I wonder if they can do quantum computing on a card? That would be kind of cool.