NVIDIA has announced its financial results for the second quarter ending July 28, 2024, reporting a substantial increase in revenue and earnings per share. The tech giant continues to lead the market with its advanced computing technologies and innovative solutions, solidifying its position as a key player in the industry.
Financial Highlights
For Q2 2024, NVIDIA reported revenue of $30.0 billion. This figure represents a 15% increase from the previous quarter and a remarkable 122% year-over-year growth. GAAP earnings per diluted share stood at $0.67, marking a 12% rise from the prior quarter and a significant 168% increase from a year ago. Non-GAAP earnings per diluted share were reported at $0.68, showing an 11% improvement from the previous quarter and a 152% increase year-over-year.
Product and Market Developments
According to Jensen Huang, NVIDIA’s founder and CEO, the demand for Hopper remains strong, and there is significant anticipation for Blackwell. NVIDIA achieved record revenues as global data centers are accelerating the modernization of their computing stacks with the company’s accelerated computing and generative AI solutions. Furthermore, Blackwell samples are currently being shipped to partners and customers.
Additionally, NVIDIA’s Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are witnessing substantial growth, positioning the company as a comprehensive full-stack and data center-scale platform. These advancements are empowering various sectors, from frontier model makers to consumer internet services, and enterprises, reflecting the transformative potential of generative AI across different industries.
Shareholder Returns and Stock Split
In the first half of fiscal 2025, NVIDIA returned $15.4 billion to shareholders through share repurchases and cash dividends. As of the end of Q2, the company had $7.5 billion remaining under its share repurchase authorization. On August 26, 2024, the board approved an additional $50.0 billion for share repurchases without expiration.
NVIDIA will distribute its next quarterly cash dividend of $0.01 per share on October 3, 2024, to shareholders of record as of September 12, 2024. Furthermore, NVIDIA completed a ten-for-one forward stock split on June 7, 2024, with all share and per-share amounts being retroactively adjusted to reflect this split.
Conclusion
NVIDIA’s financial performance for Q2 2024 underscores its robust market position and growing demand for its cutting-edge technologies. With new product categories achieving significant scale and strategic shareholder returns, NVIDIA continues to pave the way for innovation in the tech industry.
