Revenue increased 56% from the same period a year ago to $46.74 billion, exceeding Wall Street’s projection of $46.52 billion, per data compiled by Visible Alpha. Profits came in at $26.4 billion, a 40.8% increase from $18.78 billion last quarter. Nvidia posted diluted earnings per share at $1.08, beating projections of $1.02 for the second quarter. Nvidia’s gross margins grew to 72.4%, up significantly from 61% last quarter.
The top-line results received a lukewarm reaction from investors. Shares edged down over 3% to around the $175 mark in extended trading Wednesday evening.
“(The stock movements are) probably just an initial reaction to a so-so number,” Scott Bickley, advisory fellow at Info-Tech Research Group told Fortune before the earnings call. “Which is kind of insane that we’re viewing $46.7 billion in a quarter” as ‘so-so,’ he said.
The company’s automotive and robotics segment grew the most at 69% year-over-year.
“Expectations were sky-high, but Nvidia exceeded them again,” Michael Smith, senior portfolio manager and head of the growth equity team at Allspring Global Investments told Fortune. Allspring owns in Nvidia in some of the funds. “Margins are rising as Blackwell ramps, China remains a massive untapped opportunity post-export controls, and a $60 billion buyback is an extra sweetener amid record free cash flow.”
