The company reported a net income of to $16.6 billion. Adjusted for one-time items, net income was $16.95 billion. Revenue rose to $30 billion, up 122% from a year ago and 15% from the previous quarter.
By comparison, S&P 500 companies overall are expected to deliver just 5% growth in revenue for the quarter, according to FactSet.
However, Nvidia shares slipped nearly 4% in afterhours trading.
Nvidia has led the artificial intelligence sector to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train and operate their AI systems.
The company reported second-quarter adjusted earnings per share of 68 cents per share, up from 27 cents a year ago.
Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year. In June, Nvidia briefly rose to become the most valuable company in the S&P 500. The company is now worth over $3 trillion.
This story is from the Techlife News #670 edition of Techlife News.
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This story is from the Techlife News #670 edition of Techlife News.
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