AI demand drives Nvidia’s booming Q2 results
GPU chip company Nvidia Corp. (Santa Clara, Calif.) reported 2Q fiscal 2024 revenue that was double that of a year previously with profits increasing nine-fold.
The revenue for the second quarter ended July 30 was $13.51 billion, up 101 percent from a year ago and up 88 percent from the previous quarter. The net profit was $6.19 billion, up from $2.04 billion in the previous quarter and up from $656 million, in the Q2 a year before.
“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,” he added.
Huang added that a number of cloud service providers had bought large numbers of H100 AI processors and that a race is on to adopt generative AI.
Nvidia forecast that for the next quarter revenue would be US$16.00 billion, plus or minus 2 percent with a GAAP gross margin of 71.5 percent, plus or minus 50 basis points.
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