Nvidia doubled its quarterly revenue to $96 billion and crushes estimates—CEO Jensen Huang says demand is accelerating

Nvidia reported a staggering $96.2 billion in revenue for the second quarter, marking a 106% increase compared to the same period last year. The company's revenue surpassed analyst expectations by a significant margin, with forecasts topping at $92.2 billion. CEO Jensen Huang attributed this success to the accelerating demand for Nvidia's AI chips, stating that "AI has reached its inflection point.

It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue." Within the data center segment, which represents the majority of Nvidia's AI business, revenue reached $89 billion, outpacing analyst estimates of $85.7 billion. Data center revenue alone grew by 92% compared to the previous year, when it was $75.2 billion.

Nvidia also reported non-GAAP earnings of $2.22 per diluted share, surpassing analysts' expectations of $2.06 to $2.09. In the current quarter, Nvidia guided to revenue of $91 billion, with a margin of error of 2%, which was higher than the average forecast of $103.9 billion. Despite the overall growth, NVDA stock was flat during after-hours trading following a 1.6% drop during the day.