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1 Reason Nvidia's Earnings Report Was Even More Fantastic Than Many Investors Might Realize

TheMotleyFool 
0 0 28.08.23
1 Reason Nvidia's Earnings Report Was Even More Fantastic Than Many Investors Might Realize: https://g.foolcdn.com/editorial/images/745568/nvda-stock-nvda-q2-earnings-ai-stocks.jpg
 

Nvidia's (NASDAQ: NVDA) report for its second quarter of fiscal 2024, which ended July 30, was phenomenal. The graphics chip specialist grew its year-over-year revenue and adjusted earnings per share (EPS) by 101% and 429%, respectively. Both results crushed Wall Street's expectations and the company's guidance.

Growth was driven by the data center platform's revenue surging 171% year over year, thanks to what top management called "tremendous" demand for the company's products that enable artificial intelligence (AI) capabilities, particularly generative AI. This is the technology behind ChatGPT, a chatbot that launched late last year and has sparked widespread excitement about the tech's potential applications.

Demand for Nvidia's data center products is even more voracious than reflected in its fantastic Q2 results. That's because the company is supply constrained.

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Source Fool.com

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