NVDA’s revenue doubles to a record high of $13.5bn in 2QCY23

August 24, 2023 (MLN): Nvidia (NASDAQ: NVDA) reported its earnings for the second quarter of 2023, wherein the revenue clocked in at a record high of $13.51 billion [EPS: $2.7], which was a huge beat compared to the estimate of $11.04bn [EPS: 2.07].

The revenue was up 88% QoQ and 2.01x YoY, while the Adjusted earnings per share of $2.7 was up 2.48x QoQ and 5.29x YoY.

The company also announced a record data center revenue of $10.3 billion, driven by the growth of cloud computing, artificial intelligence, and high-performance computing.

“A new computing era has begun. Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of Nvidia.

“Nvidia GPUs connected by our Mellanox networking and switch technologies and running our CUDA AI software stack make up the computing infrastructure of generative AI.

“During the quarter, major cloud service providers announced massive Nvidia H100 AI infrastructures. Leading enterprise IT system and software providers announced partnerships to bring Nvidia AI to every industry. The race is on to adopt generative AI,” he said.

During the second quarter of fiscal 2024, Nvidia returned $3.38 billion to shareholders in the form of 7.5 million shares repurchased for $3.28 billion, and cash dividends.

As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization.

On August 21, 2023, the Board of Directors approved an additional $25.00 billion in share repurchases, without expiration. Nvidia plans to continue share repurchases this fiscal year.

Nvidia will pay its next quarterly cash dividend of $0.04 per share on September 28, 2023, to all shareholders of record on September 7, 2023.

Nvidia also announced an extensive stock buyback program, totaling a massive $25bn.

Looking ahead, Nvidia is anticipating a Q3 revenue of $16bn, which is a remarkable 28% above initial expectations.

It is worth highlighting that Nvidia not only exceeded all headline expectations but also raised their guidance, underscoring their outstanding performance during this period.

Nvidia's stock has experienced an extraordinary increase of around 250% Year-to-Date (YTD), positioning it as the leading performer within the S&P 500 index.

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