Nvidia reported earnings after the market closed that beat Wall Street expectations for earnings and guidance and provided stronger-than-expected guidance for the current quarter. CNBC noted.

Here are the most important figures:

• Revenue in Q2 2024: $30.4 billion — a 125% increase from a year earlier and $700 million more than the $28.7 billion analysts had forecast for the quarter ended July 31, according to the London Stock Exchange Group.
• Data center revenue: $26.3 billion — an increase of 154% over the previous year and $1.1 billion more than StreetAccount expectations.
• Net profit in Q2 2024: $16.6 billion — an increase of 168% compared to the same period last year, CNBC.
• Adjusted earnings per share in the second quarter of 2024: 68 cents — an increase of 152% compared to the previous year and four cents per share more than the analyst consensus of $0.64, according to SearchAlpha.
• Revenue forecast for Q3 2024: $32.5 billion — an increase of 80% year-on-year and $700 million more than the analyst consensus of $31.7 billion, according to CNBC.

Demand for Nvidia’s Blackwell chips is “incredible,” CEO Jensen Huang said in a press release. “Global data centers are working hard to modernize the entire computing stack with accelerated computing and generative AI,” he added.

Nvidia said it shipped samples of Blackwell chips during the quarter and made a change to the product to make manufacturing more efficient. “We expect multi-billion dollar revenue from Blackwell in the fourth quarter,” Nvidia Chief Financial Officer Colette Kress wrote in a statement.

Nvidia said product issues led to a decline in gross profit margins between the first and second quarters of 2024, noting Wall Street JournalMore specifically, the company’s gross margin fell 3.3 percentage points quarter-on-quarter to 75.1% in the second quarter.

For the full fiscal year, Nvidia expects a gross margin in the “mid-70% range” – slightly below the Street Account consensus of 76.4%. CNBC reported.

Nvidia also expects total shipments for Hopper, the company’s current-generation chip, to increase over the next two quarters.

Nvidia announced that it had approved $50 billion in share buybacks. CNBC.

While Nvidia’s results are impressive, the company’s growth is slowing. The AI ​​chip designer’s profits have increased by an average of 500% over the past three quarters, while the company’s revenues have grown between 206 and 265%, according to Investors Business Daily.

Nvidia’s forecast of 80% revenue growth in the third quarter represents a significant slowdown from its previous pace.

This post will be updated after Nvidia’s investor conference call.