Semiconductor giant Nvidia has released its highly anticipated earnings for its fiscal second quarter, which beat analysts’ expectations while also providing an update for Blackwell, its new-generation artificial intelligence chip.
Nvidia faced lofty expectations from analysts, given its leading role in the AI boom, and surged past them, albeit not in the resounding fashion as predicted.
Nvidia’s adjusted earnings per share came at $0.68 cents compared to the $0.64 estimated, while the company’s revenue of $30.04 billion beat the $28.7 billion expected by analysts and marked a 122% year-over-year increase.
The chipmaker also adjusted its forecasts for the current quarter, projecting $32.5 billion in revenue. It was enough to beat consensus estimates of $31.7 billion for Q3 but came below some of the more bullish predictions. This was likely one of the factors that dragged Nvidia’s stock down in after-hours trading.
Nvidia is already experiencing robust demand for its products, considering its dominant position in AI chip design and software, but expects that demand to surge even more with the introduction of the Blackwell chip.
The company previously delayed Blackwell’s release due to changes in design, causing worry among investors. However, the company has now stated that samples of Blackwell chips have already found their way to some customers. It also expects to “ship several billion dollars in Blackwell revenue” in its fiscal fourth quarter.