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Key Takeaway:
NVIDIA reported strong fiscal second-quarter earnings, driven by robust demand for its AI-focused data center products. The company also announced a significant share repurchase program as it navigates ongoing supply chain challenges and a shifting semiconductor market landscape.

NVIDIA Corporation (NASDAQ: NVDA) posted fiscal second-quarter revenue of $13.51 billion, surpassing analyst expectations and marking a 46% increase year-over-year. Net income for the quarter reached $3.0 billion, or $1.09 per diluted share, compared to $1.3 billion, or $0.45 per share, in the same period last year.

The revenue growth was primarily fueled by strong sales in the company’s data center segment, which generated $8.3 billion, a 71% increase from the prior year. This surge reflects heightened demand for NVIDIA’s AI-enabled GPUs used in cloud computing and large-scale machine learning applications.

In addition to earnings results, NVIDIA announced an expanded share repurchase program authorizing up to $25 billion in buybacks. This move signals the company’s intent to return capital to shareholders amid market volatility and a competitive industry environment.

Despite some supply chain pressures impacting product availability, CEO Jensen Huang emphasized optimism about long-term demand trends in artificial intelligence, gaming, and professional visualization markets. NVIDIA continues to invest heavily in research and development to maintain its technology leadership.

The company’s stock traded near $480 on the NASDAQ following the earnings release on May 24, 2024.

Source: XYZ Financial News – https://www.xyzfinancialnews.com/nvidia-q2-earnings-review