Burst! NVIDIA’s second financial net profit soared 843%

Driven by demand for artificial intelligence chips, NVIDIA’s fiscal second quarter results exceeded expectations, with sales up 170%…

International electronic business news on the 24th chip manufacturer NVIDIA announced its financial results for the second fiscal quarter of fiscal 2024 as of July 30 on Wednesday, local time.
During the reporting period, NVIDIA’s revenue reached US$13.51 billion, an increase of 101% year-on-year and 88% sequentially; Net income of $6.2 billion increased 843% year-over-year and 203% sequentially; Diluted earnings per share of $2.48 increased 854% year-over-year and 202% sequentially. Shares of NVIDIA rose more than 7% in after-hours trading, thanks to fiscal second-quarter results beating expectations and issuing upbeat guidance for the fiscal third quarter.
Nvidia’s adjusted gross margin for the fiscal second quarter increased 25.3 percentage points to 71.2 percent due to a significant increase in higher-margin data center sales.

Nvidia’s stellar performance is largely driven by data center businesses, including artificial intelligence chips, as cloud service providers and large consumer internet companies such as Alphabet, Amazon and Meta snap up their next-generation processors.
Regarding the U.S. chip export control section, NVIDIA Chief Financial Officer Colette Kress said, “Given the strong global demand for our products, we do not expect additional export restrictions on our data center GPUs to have an immediate and material impact on our financial results. ”
Revenue from the gaming division, once Nvidia’s core business, rose 22% year-over-year to $2.49 billion, beating analysts’ average expectations of $2.38 billion. NVIDIA also makes chips for high-end graphics applications. The business shrank 24% year-over-year to $379 million. Nvidia reported automotive revenue of $253 million, up 15% year-over-year.