Nvidia's earnings beat Wall Street's estimates as AI momentum continues

Published On Aug 28, 2024, 1:58 PM

Nvidia reported a strong second-quarter earnings beat, with earnings per share at $0.68 against an expected $0.64 and revenue at $30.04 billion versus an anticipated $28.7 billion. The company's data center revenue, which is its largest segment, also surpassed estimates with $26.27 billion in sales. CEO Jensen Huang noted continued strong demand for its Hopper chips and highlighted the anticipation surrounding its next-generation Blackwell chip. Despite the positive earnings report, Nvidia's stock dipped 2.1% during regular trading and further in after-hours trading due to concerns about potential production delays of the Blackwell chips.

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Despite the robust earnings beat, Nvidia's stock has been reacting negatively post-earnings due to concerns about future production delays. However, the strong demand for AI-related products and the company’s growing revenue from data centers indicate a positive long-term outlook.

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