Nvidia beats expectations with 56% growth in Q2 revenues

Nvidia Posts Big Q2 Earnings Beat

Nvidia Posts Big Q2 Earnings Beat

Nvidia shares were down 6.6 per cent at US$153.87 in extended trading on Thursday. The reaction was a stark change from the 14 percent jump in share price when first-quarter earnings were reported, but shares have more than tripled in the past year.

Nvidia came to prominence in the gaming industry for designing graphics-processing chips, but in recent years has been expanding into newer technologies including cloud computing, artificial intelligence, and self-driving cars.

The digital currency market has gone through some major ups and downs this year, prompting many to conclude the emergent market is in a bubble.

Automotive business revenue surged 19.3 per cent to US$142 million, but also fell short of analyst expectations of US$146.2 million, according to financial and data analytics firm FactSet. This quarter, we shipped Volta in volume to leading AI customers.

Chief Executive Jensen Huang (pictured) said in a prepared statement before the 2 p.m. PDT earnings conference call that revenue from companies using GPUs in servers for AI and other tasks rose more than two and a half times from a year ago.

"Cryptocurrency and blockchain are here to stay", Nvidia CEO Jen-Hsun Huang.

Perhaps more worrying is the CEO's assertion that there will likely be new currencies springing up, and more interest in cryptocurrency mining going forward, and that "this is a market that's not likely to go away anytime soon".

"You have to perform AI on instantly so you can avoid inappropriate video being streamed to large audiences", Huang said, then mentioning Google's hardware by name.

Net income more than doubled to US$583 million, or 92 USA cents per share, in the second quarter ended July 30. Nvidia is forecasting revenue of $2.35 billion for the third fiscal quarter, which ends at the end of October.

In the second quarter of its fiscal 2017, the chip maker reported $1.43 billion in revenue, GAAP earnings of 41 cents per share, and non-GAAP earnings of 53 cents per share.

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