With the season coming to a close, companies are continuing to report on their latest quarterly earnings results, and NVIDIA is one of the prominent groups on deck this week. NVIDIA has been having an enormously successful year, and it doesn’t look like it’s slowing down anytime soon. For its Q2 2024 financial results, NVIDIA was able to post a huge beat over both revenue and earnings-per-share estimates for the quarter.
NVIDIA posted its Q2 2024 earnings results on its Investor Relations website on August 23, 2023. The company overperformed vastly over any and all expectations set for it for this quarter. Wall Street called for an estimate of $11.2 billion USD in revenue from NVIDA for Q2 2024, but the company put up $13.5 billion. It similarly crushed EPS estimates. Wall Street called for an EPS of $2.09 per share while Whisper Number called for $2.13 per share. Instead, NVIDIA put up $2.70 per share, blowing both estimates out of the water to say the least.
There were a number of fascinating stats in NVIDIA’s Q2 2024 results as well. It’s revenue was up over 101 percent year-over-year from Q2 2023. Meanwhile, it was up 88 percent from NVIDIA’s previous quarter in Q1 2024. NVIDIA went on to share that GAAP earnings per diluted share ended up at $2.48 per share, up a phenomenal 854 percent year-over-year and 202 percent over the previous quarter. Even Non-GAAP earning per diluted share were up 429 percent year-over-year.
Safe to say, NVIDIA didn’t just have a winning Q2 2024, but a rather outstanding one at that. It will remain to be seen if the company can maintain this level of momentum through the year, but the company seems confident. Following this quarter, NVIDIA forecasted revenue guidance above analyst expectation for Q3 2024. Stay tuned for more fiscal reporting as companies continue to share quarterly earnings results.