Nvidia (NVDA) reported its second quarter earnings after the bell Wednesday blowing away already sky high expectations for the graphics chip giant as the AI hype train keeps plowing forward.
- The company reported better than expected earnings and revenue for the quarter, while saying it anticipates Q3 revenue of $16 billion plus or minus 2%.
Shares of Nvidia jumped more than 7% on the news.
Nvidia’s report was seen is a key tests for the ongoing AI hype cycle, which has seen companies of all stripes dive into the technology in hopes of cashing in on the mania.
Here are the most important numbers from Nvidia’s report compared to what Wall Street was expecting of the company, as compiled by Bloomberg.
- Revenue: $13.51 billion versus $11.04 billion expected.
- Adjusted EPS: $2.70 versus $2.07 expected.
- Data center revenue: $10.32 versus $7.98 billion expected.
- Gaming revenue: $2.49 versus $2.38 billion expected.
Investors were already expecting Nvidia to deliver a blowout quarter, after the company said Q2 revenue would be about $11 billion plus or minus 2%. But it’s latest guidance is even higher.
The AI craze kicked into high gear in November 2022 when OpenAI debuted its generative AI app, ChatGPT. While artificial intelligence has been around for some time, ChatGPT’s popularity as one of the fastest-growing apps in history put the technology firmly on Wall Street’s radar.
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