NVIDIA (NVDA) forecasts Q3 2024 revenue above analyst expectations

NVIDIA just released Q2 2024 earnings results, and the company has issued Q3 2024 revenue guidance ahead of analyst expectations.


NVIDIA is out with Q2 2024 earnings results, and the company has also provided some very bullish revenue guidance for Q3. The world's largest semiconductor company now expects Q3 2024 sales to come in at $16 billion, well ahead of analyst expectations of $12.6 billion. 

Screenshot of NVIDIA's stock chart showing the stock up nearly 13% in afterhours trading.
NVIDIA shares jumped over 8% in afterhours trading.
Source: TC2000

Here's the Q3 2024 forecast provided in today's NVIDIA Q2 2024 press release:


NVIDIA’s outlook for the third quarter of fiscal 2024 is as follows:

  • Revenue is expected to be $16.00 billion, plus or minus 2%.
  • GAAP and non-GAAP gross margins are expected to be 71.5% and 72.5%, respectively, plus or minus 50 basis points.
  • GAAP and non-GAAP operating expenses are expected to be approximately $2.95 billion and $2.00 billion, respectively.
  • GAAP and non-GAAP other income and expense are expected to be an income of approximately $100 million, excluding gains and losses from non-affiliated investments.
  • GAAP and non-GAAP tax rates are expected to be 14.5%, plus or minus 1%, excluding any discrete items.

Check out our article breaking down the tremendous NVIDIA Q2 2024 earnings results for more on the current quarter. We are also going to be streaming the earnings call at 5 p.m. on the Shacknews Twitch channel.

Listen to the NVIDIA’s Q2 2024 earnings call

It appears that the AI tailwind is showing no signs of slowing down for NVIDIA. Most of the company's Q2 2024 revenues came from the Data Center business segment, and it appears that will be the case next quarter as demand for NVIDIA H1000 AI infrastuctures remains high. “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,” said NVIDIA CEO Jensen Huang.

NVIDIA (NVDA) shares are up over 8% in afterhours trading. Keep it locked on Shacknews for all the latest tech and video game news.


Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.

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