Nvidia's Q2 2024 results:
Earnings per share: $0.68; estimates: $0.65
Revenue: $30 billion. Estimates: $28.72 billion.
Nvidia announces a $50 billion stock buyback!
Nvidia sees Q3 revenue of $32.5 billion.
Adjusted gross margin for Q3 is expected to be 74.5% to 75.5%.
The stock is falling in after-hours trading because Nvidia claims: "Changes are needed to improve Blackwell production" - this was not well received by the market - because delaying the start of B100 sales, the successor to H100, to the first half of 2025 is expected to impact revenue and net income.
Jensen Huang, Nvidia founder and CEO, on the investor call:
"Demand for Hopper remains strong, and anticipation for Blackwell is amazing," Nvidia achieved record revenue as global data centers are constantly in full swing to refresh all computing with accelerated computing and generative AI.
"Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and AI Enterprise software are two new product categories achieving significant scale demand, showing that Nvidia is a full-scale platform for data centers across the entire stack and ecosystem. We are helping front-end model makers for consumer web services, and now enterprises - generative AI will revolutionize every industry."
Interesting fact: exactly 10 years ago, Nvidia generated only $1.1 billion in quarterly revenue!
The stock is going wild in after-hours trading!