Nvidia stocks jumped by 9% during after-hours trading on Wednesday following the release of the company’s second-quarter earnings. The chipmaker reported revenue of $13.51 billion, a 101% rise from the previous year, beating Wall Street expectations of $11.04 billion in revenue. adjusted earnings per share came in at $2.70, beating forecasts of $2.07.
Data center revenue for the chipmaker came in at $10.3 billion while its gaming revenue hit $2.5 billion, beating estimates of $8 billion and $2.4 billion respectively. The company released a current quarter revenue guidance of $16 billion, plus or minus 2%, exceeding analysts’ expectations of $12.5 billion.
Nvidia’s recent surge came during the heat of the AI hype, with the chipmaker largely leading the charge. “A new computing era has begun,” CEO Jensen Huang stated following the earnings release. “Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI.”