NVIDIA CORPORATION Reports Earnings for Q2 FY2024: Strong Growth Seen in Profits

☀️Earnings Overview

NVIDIA CORPORATION ($NASDAQ:NVDA) released their financial results for the second quarter of FY2024, ending on July 31 2023. Total revenue reached USD 13507.0 million, representing a 101.5% increase from the same period the year before. Net income was reported at USD 6188.0 million, up from the USD 656.0 million reported in the corresponding period of FY2023.

Market Price

On Wednesday, NVIDIA CORPORATION reported strong earnings for its second quarter of FY2024. The stock opened up at $458.7 and closed at $471.2, up 3.2% from the prior closing price of $456.7. The results exceeded expectations, driven by strong demand in the gaming and data center sectors. Moreover, the company’s automotive segment also saw a positive growth of 4%.

Overall, NVIDIA CORPORATION is confident that these strong financial results will continue to drive growth and profitability in the coming quarters. With robust product portfolio and a growing customer base in both consumer and enterprise markets, the company looks forward to continuing its success in the future. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Nvidia Corporation. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Nvidia Corporation. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Nvidia Corporation. More…

Key Ratios Snapshot

Some of the financial key ratios for Nvidia Corporation are shown below. More…

Analysis

At GoodWhale, we have conducted an analysis of NVIDIA CORPORATION‘s fundamentals. After careful review, we have determined that NVIDIA CORPORATION is a medium risk investment in terms of financial and business aspects. We have identified two risk warnings in the balance sheet and financial journal that investors should be aware of. If you are interested in any of NVIDIA CORPORATION’s investments, we highly recommend that you register with us to be able to check out these warnings. We prioritize safety when it comes to investments and believe that it is essential for investors to be informed about any potential risks before making a decision. More…

Peers

Nvidia Corporation is an American technology company headquartered in Santa Clara, California. It designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SOCs) for the mobile computing and automotive market. Nvidia’s primary GPU product line, labeled “GeForce”, is in direct competition with Advanced Micro Devices’ (AMD) “Radeon” products.

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VeriSilicon Microelectronics Shanghai Co Ltd is a fabless semiconductor company that designs, develops, and markets integrated circuits (ICs) and other semiconductor products. The company’s product portfolio includes power management ICs, digital signal processors, and other mixed-signal ICs for a range of end markets, including automotive, consumer, industrial, and communications. VeriSilicon Microelectronics Shanghai Co Ltd was founded in 2001 and is headquartered in Shanghai, China.

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JMicron Technology Corp is a leading provider of innovative semiconductor solutions. The company’s products include high-speed data converters, storage controllers, and Ethernet controllers. JMicron’s products are used in a variety of applications including consumer electronics, computing, and storage. The company has a market cap of 4.02B and a return on equity of 10.28%. JMicron is a publicly traded company on the Taiwan Stock Exchange.

Summary

Investors in NVIDIA CORPORATION should be pleased with the company’s second quarter of FY2024 earnings results, which reported a total revenue increase of 101.5% year-over-year and a huge increase in net income, from USD 656 million to USD 6188 million. On the news of these strong earnings, the company’s stock price moved up, indicating that the market reacted positively to the results. Going forward, analysts expect NVIDIA’s growth to continue, as they benefit from their strong presence in the graphics and AI markets. Overall, NVIDIA looks to be a strong performer in the short and long term.