NVIDIA’s Revenues Doubled in Q2 Thanks to AI

NVIDIA reported that it earned a net income of $6.19 billion on record revenues of $13.5 billion in the quarter ending July 30. Those figures represent gains of 843 and 101 percent, respectively, year-over-year (YOY).

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

NVIDIA’s Data Center business is its biggest, and it earned a record $10.32 billion in revenues in the quarter, up 171 percent YOY. Gaming—once its top performer—is now its second-biggest business, and it delivered revenues of $2.49 billion in the quarter, up 22 percent YOY. NVIDIA’s other two business units, Professional Virtualization and Automotive, landed revenues of $379 million and $253 million, respectively, with both delivering double-digit growth gains as well.

NVIDIA’s AI-powered growth trajectory won’t be slowing anytime soon: the firm reported that it expects to deliver about $16 billion in revenues in the current quarter, much higher than the $12.6 billion previously forecasted. And it expects YOY revenue growth in the 170 percent range.