Nvidia delivered its hotly anticipated results after the stock market's closing bell on Wednesday and the chipmaker once again beat Wall Street's expectations, though its shares fell in after-hours trading. The company reported second-quarter revenue of $30 billion, up 15% from the previous quarter and up 122% from a year ago. Analysts had expected the figure to be around $28.7 billion. Net income more than doubled year-on-year to $16.6 billion, reports CNBC. Nvidia dropped around 4% in after-hours trading but it is still up more than 150% for the year, reports the AP. Some investors had been expecting a revenue forecast for the current quarter even higher than Nvidia's estimate of an 80% year-on-year rise, the New York Times notes.
The company "achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI," CEO Jensen Huang said in a news release. As one of the world's most valuable companies and a main beneficiary of the artificial intelligence boom, there was a lot of buzz around the release of its quarterly results, though some felt the hype was overblown, the Wall Street Journal reports. "There are people putting the entire US stock market on the shoulders of Nvidia," Michael Antonelli, a managing director at Baird, told the Journal. "Which seems absurd." (More Nvidia stories.)