Nvidia Reports Strong Q2 Earnings and Revenue Growth
Nvidia (NASDAQ: NVDA) announced second-quarter adjusted earnings per share of $2.22, a 120% increase from the previous year, with total revenue reaching $96.22 billion, marking a 106% year-over-year growth. The results, released on August 26, 2023, exceeded Wall Street’s estimates of $2.10 in earnings and $92.17 billion in revenue, prompting shares to rise approximately 3.8% in after-hours trading.
In addition to robust earnings, Nvidia repurchased $26 billion of its stock during the quarter, leaving $99 billion remaining under its share buyback authorization. The company also guided for third-quarter revenue between $108 billion, plus or minus 2%, and projected a gross margin of 74%, suggesting continued strong performance in the semiconductor sector, driven largely by demand for artificial intelligence technologies.
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