What shortage? Nvidia blows past expectations in second quarter

Nvidia exceeded all expectations for its second fiscal quarter of 2024 with revenue of $13.51 billion, a 101% jump from the same quarter last year. Net income came in at $6.74 billion, or $2.48 per diluted share, which is up 854% from a year ago and up 202% from the previous quarter.

Analysts had expected revenue to come in at $11.04 billion with earnings per share totaling $2.07, according to data from Bloomberg.

And it’s all thanks for enterprise sales. Last quarter, enterprise sales accounted for 60% of total revenue. This quarter, $10.3 billion of the $13.5 billion in total revenue – 76% – came from data center sales.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of Nvidia, in a statement. “Nvidia GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI.”

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Source:: Network World – Data Center