NVIDIA beats by $0.03, beats on revs; guides Q3 revs above consensus; Blackwell samples shipping to customers; approves additional $50.0 bln for repurchases
4:25 PM ET 8/28/24 | Briefing.com
Reports Q2 (Jul) earnings of $0.68 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $0.65; revenues rose 122.4% year/year to $30.04 bln vs the $28.74 bln FactSet Consensus.Data Center revenue was a record, up 154% from a year ago and up 16% sequentially. The strong sequential and year-on-year growth was driven by demand for our Hopper GPU computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications. Sequential growth was driven by consumer internet and enterprise companies.Gaming revenue was up 16% from a year ago and up 9% sequentially. These increases reflect higher sales of our GeForce RTX 40 Series GPUs and game console SOCs. We had solid demand in the second quarter for our gaming GPUs as part of the back-to-school season. Professional Visualization revenue was up 20% from a year ago and up 6% sequentially. These increases were driven by the continued ramp of RTX GPU workstations based on Ada architecture. Automotive revenue was up 37% from a year ago and up 5% sequentially. These increases were driven by AI Cockpit solutions and self-driving platforms.Co issues upside guidance for Q3, sees Q3 revs of $31.85-33.15 vs. $31.71 bln FactSet Consensus.GAAP and non-GAAP gross margins are expected to be 74.4% and 75.0%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.Co added, "Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and NVIDIA AI Enterprise software are two new product categories achieving significant scale, demonstrating that NVIDIA is a full-stack and data center-scale platform. Across the entire stack and ecosystem, we are helping frontier model makers to consumer internet services, and now enterprises. Generative AI will revolutionize every industry."Co approved an additional $50.0 billion in share repurchase authorization, without expiration. |
