Nvidia Reports Record Revenues of $13.5 Billion in Q2 2024
Guam News Factor – In a surprising turn of events, Nvidia, the leading technology company, announced its fiscal Q2 2024 earnings results, revealing record-breaking revenues of $13.5 billion. This astonishing financial achievement marks a remarkable 101% year-over-year growth.
The company’s data center revenue played a pivotal role in this success, accounting for a whopping 76% of the total revenue, and soaring by an impressive 171%. This surge is an indication of the increasing demand for Nvidia’s products and services in the rapidly expanding data center market.
Nvidia’s GAAP earnings per share also witnessed a remarkable surge, increasing by a staggering 854% year-over-year to reach $2.48. This phenomenal growth can be attributed to an improvement in gross profit margins, which now stand at an impressive 70.1%.
Not only did Nvidia surpass analyst expectations, beating predictions of $11.2 billion in revenue and $2.09 per share in earnings, but the company also provided an optimistic outlook for the future. Nvidia projects sales of $16 billion for fiscal Q3 2023 and anticipates further improvement in gross profit margins to 71.5%.
Despite these astounding results, Nvidia’s stock only showed a marginal increase of 0.1% during ordinary trading hours. However, it experienced a slight decline of 2.43% in Friday’s session.
Renowned analyst Toshiya Hari from Goldman Sachs expressed admiration for Nvidia’s exceptional performance, specifically highlighting the noteworthy 29% revenue growth in the data center segment. Hari emphasized the company’s competitive advantage in the AI semiconductor market and its ability to meet the ever-increasing demand.
Hari reiterated a “buy” rating on Nvidia stock and predicted a price target of $605 per share, foreseeing a substantial 28% gain in the next 12 months. Wall Street analysts generally share this positive outlook on Nvidia, with 38 analysts giving a “Buy” rating and one analyst offering a “Hold” rating.
The current selling price of Nvidia’s stock stands at $460.18, and the average price target suggests a potential growth of 37% in the next year. These numbers serve as a testament to the faith investors have in Nvidia’s ability to maintain its impressive trajectory and continue delivering exceptional results in the foreseeable future.
In conclusion, Nvidia’s fiscal Q2 2024 earnings results have left analysts and investors in awe. With record revenues, tremendous growth in the data center segment, and optimistic projections for the future, it is evident that Nvidia’s relentless innovation and ability to meet market demands have solidified its position as a global technology leader.
“Infuriatingly humble tv expert. Friendly student. Travel fanatic. Bacon fan. Unable to type with boxing gloves on.”