12:06 - 29.08.2024

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August 29, Fineko/abc.az. American graphics processor giant Nvidia Corp. reported a sharp increase in net profit and revenue for the second quarter of the fiscal year 2024, ending July 28.

ABC.AZ reports that the company's shares, which have skyrocketed over the past two years amid the growing popularity of artificial intelligence technologies, experienced a slight dip following the earnings release.

According to Nvidia's press release, revenue for the quarter reached an impressive $30.04 billion, compared to $13.51 billion in the same period last year. The data center segment, in particular, saw a 2.5-fold increase in revenue, reaching $26.27 billion, surpassing the projected $25 billion.

Nvidia's net profit for the quarter stood at $16.6 billion, or $0.67 per share, a significant increase from the $6.19 billion, or $0.25 per share, reported in the corresponding quarter of the previous year.

Nvidia expects its revenue for the third quarter of FY2024 to be around $32.5 billion, slightly higher than the analysts' average estimate of $31.7 billion.

Nvidia's shares experienced a 6.9% drop in after-hours trading on Wednesday. However, the company's market capitalization has soared 2.5 times since the beginning of the year, reaching $3.16 trillion, making it second only to Apple in terms of market value.