NVIDIA reported a record $30.0 billion in revenue for the second quarter ended July 28, 2024, marking a 15% increase from the previous quarter and a substantial 122% rise year-over-year. The surge was primarily driven by the Data Center business, which generated $26.3 billion, up 16% from Q1 and up 154% from the same period last year. The company’s GAAP earnings per diluted share were $0.67, up 12% sequentially, while non-GAAP earnings per diluted share were $0.68, representing an 11% increase.
NVIDIA continues to expand its product offerings and market reach across several key sectors. The company highlighted advancements in AI and networking technologies, including the introduction of new processors, the adoption of its Spectrum-X Ethernet platform, and further integration of its AI services across industries. Additionally, NVIDIA’s ongoing share repurchase program, bolstered by a recent $50.0 billion authorization, reflects its strong financial position and commitment to returning value to shareholders.
Data Center Revenue: $26.3 billion, up 16% sequentially and 154% YoY.
• Compute Revenue: $22.6 billion, up 17% sequentially and 162% YoY.
• Networking Revenue: $3.7 billion, up 16% sequentially and 114% YoY.
• Growth driven by Hopper GPU platform for training and inferencing of large language models, recommendation engines, and generative AI applications.
• Cloud service providers accounted for 45% of Data Center revenue.
• More than 50% of revenue stemmed from consumer internet and enterprise companies.
• Sequential growth primarily driven by consumer internet and enterprise customers.
• Strong year-on-year growth supported by all customer types from both compute and networking revenue.
• Significant demand for Hopper architecture with customers gearing up to adopt Blackwell.
• Blackwell architecture samples shipped in Q2, with production ramp scheduled for Q4 and continuing into fiscal 2026.
• Hopper demand remains strong, with increased shipments expected in the second half of fiscal 2025.
• Gaming: $2.9 billion in revenue, up 9% from Q1 and 16% YoY.
• Announced NVIDIA ACE and Project G-Assist.
• Expanded GeForce NOW service and new game titles.
• Professional Visualization: $454 million in revenue, up 6% from Q1 and 20% YoY.
• New AI models and microservices for industrial applications.
• Automotive and Robotics: $346 million in revenue, up 5% from Q1 and 37% YoY.
• Expanded adoption of NVIDIA Isaac robotics platform and autonomous machine development tools.
“NVIDIA achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.
