Mountain View, CA – Nvidia (NASDAQ: NVDA) reported earnings for the second quarter of fiscal year 2024 on November 20, 2023. The company beat analyst expectations on both revenue and earnings per share.
Revenue for the quarter was $8.33 billion, up 40% year-over-year. Earnings per share were $1.66, up 53% year-over-year.
The company’s gaming business continued to be its largest driver of growth. Revenue from gaming was $6.52 billion, up 43% year-over-year.
Nvidia’s data center business also grew strongly. Revenue from data center was $1.81 billion, up 46% year-over-year.
The company’s professional visualization business grew more modestly. Revenue from professional visualization was $900 million, up 29% year-over-year.
Despite beating analyst expectations, Nvidia’s stock fell after the earnings report. The stock closed down 2.6% on November 20.
Analysts attributed the decline to concerns about the global economic slowdown. They also noted that Nvidia’s guidance for the third quarter was below analyst expectations.
For the third quarter, Nvidia expects revenue of $8.10 billion to $8.40 billion, up 24% to 27% year-over-year. Earnings per share are expected to be $1.54 to $1.62, up 32% to 36% year-over-year.
Nvidia’s CEO, Jensen Huang, said that the company is “well-positioned for the long term.” He noted that Nvidia’s growth is being driven by the increasing demand for artificial intelligence (AI).
“We believe AI is the most important technology of our time,” Huang said. “We are committed to investing in AI and helping our customers to build the AI-powered future.”
Nvidia is a leading provider of AI hardware and software. The company’s chips are used in a wide range of AI applications, including autonomous vehicles, machine learning, and natural language processing.
Nvidia is expected to continue to be a major player in the AI market. The company is investing heavily in research and development, and it is expanding its product portfolio.