NVIDIA has released its earnings report for the second quarter ending July 28, 2024, showing impressive results.
The company earned $30 billion in revenue, a 122% increase from the same time last year, with a strong position in the AI chip market.
According to the report, NVIDIA’s earnings per share also rose significantly to $0.68, up 168% from the previous year. This is better than what analysts had predicted, which was $0.64 per share and $28.72 billion in revenue.
For the third quarter, NVIDIA expects to make $32.5 billion in revenue. In addition, the upcoming release of its Blackwell chips is expected to help increase earnings further and strengthen its role in the AI chip industry.
However, despite these strong results, NVIDIA’s stock has fallen. It dropped about 2.10% to $125.61 and then fell 6.81% more in after-hours trading to $116.88. This drop comes as competition grows in the AI chip market.
Moreover, new startups like Cerebras, d-Matrix, and Groq are entering the field, and big tech companies such as Microsoft, Meta, Amazon, Alphabet, and OpenAI are developing their own AI chips.
Also Read: AI Tokens Surge Ahead of Nvidia’s Q2 Earnings Report
