Nvidia beats Q2 expectations with broad growth across platforms
Nvidia published its second quarter financial results on Thursday, easily exceeding market expectations with broad growth across all platforms.
The semiconductor giant posted non-GAAP earnings of $1.01 on revenue of $2.23 billion.
Wall Street was looking for earnings of 70 cents per share on revenue of $1.96 billion.
A year prior, the Santa Clara, Calif.-based company posted non-GAAP earnings of 53 cents per share on revenue of $1.43 billion.
"Adoption of NVIDIA GPU computing is accelerating, driving growth across our businesses," CEO Jensen Huang said in a statement. "Datacenter revenue increased more than two and a half times. A growing number of car and robot-taxi companies are choosing our DRIVE PX self-driving computing platform. And in Gaming, increasingly the world's most popular form of entertainment, we power the fastest growing platforms - GeForce and Nintendo Switch.
The chief executive also highlighted the company's AI innovations, including the Volta GPU for deep learning.
"This quarter, we shipped Volta in volume to leading AI customers," he said. "This is the era of AI, and the NVIDIA GPU has become its brain."
The company noted some AI-related highlights for the quarter in the datacenter segment, such as the rollout of its new lineup of NVIDIA DGX AI supercomputers, with a large installation at Facebook. The company also in Q2 announced the NVIDIA GPU Cloud Platform, offering developers a software suite for AI development.
Datacenter revenue was a record $416 million, up 175 percent year-over-year. Datacenter growth was fueled by strong demand by hyperscale and cloud customers for deep learning training and accelerated GPU computing, the company said, as well as demand for HPC, DGX AI supercomputing, and GRID virtualization platforms.
Nvidia also highlighted its partnerships with VW and Baidu, to bring AI deeper into their organizations. Automotive revenue came to $142 million, up 19 percent from a year earlier.
Meanwhile, Nvidia also noted that the rise in crypto coin prices resulted in increased demand in OEM GPU sales.
For Q3, Nvidia said it expects revenue of $2.35 billion, plus or minus two percent.