TechFlow news, according to Financial News, Nvidia has announced its second-quarter financial results for the period ending July 28, 2024. In the second fiscal quarter, the company's revenue reached a record $30.04 billion, surpassing market expectations of $28.7 billion and representing a year-on-year increase of 122%. Under GAAP, net income surged 168% year-on-year to $16.6 billion, or $0.67 per share, exceeding market forecasts. Data center business revenue for the quarter was $26.3 billion, up 154% from the same period last year and higher than the expected $25.24 billion.
Nvidia expects third-quarter revenue to be approximately $32.5 billion, an 80% increase compared to the same period last year, above the average analyst estimate of $31.7 billion. The highest market forecast for Nvidia's third-quarter revenue reached $37.9 billion, sparking concerns that its explosive growth may be slowing.
In addition, Nvidia announced it has approved a $50 billion stock repurchase program. Nvidia's U.S.-listed shares closed down over 2%, and its after-hours trading price initially rose before falling, at one point dropping more than 8%.
