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Nvidia (NVDA) +6% as strong demand for GPUs drives Q2 beats
Nvidia (NVDA) shares advanced 6% in trading on Thursday after the tech company posted Q2 earnings and revenue beats amid strong demand for its GPUs and chips.
Nvidia (NVDA) shares jumped 6% in Thursday’s trading after the semiconductor company said that revenue soared 68% in fiscal Q2 amid frenzied demand for its graphics cards.
Both of Nvidia’s core divisions thrived during the latest quarter, with its ‘graphics’ segment growing 87% and delivering $3.91bn in revenue, and ‘compute and network’ surging 46% to $2.6bn.
This meant that total revenue rose to $6.51bn to beat the Wall Street consensus of $6.33bn, while earnings per share also topped pre-report expectations by three cents at $1.04.
Central to Nvidia’s recent boom is gaming, with its GeForce line of graphics cards being snapped up by PC gamers and its chips being sold to console manufacturers including Nintendo.
Cryptocurrency miners are also buying its products, though revenue for GPUs made specifically for the sector only came in at $266m, which was 33% below expectations.
Nvidia noted that its graphic cards are in very strong demand and that supply issues are likely to persist during the final six months of the year.
This might impact its burgeoning data centre business, which brought in $2.37bn in Q2 after growing 35% year-over-year.
Nvidia is confident about fiscal Q3 though and guided for revenue of $6.8bn, again ahead of the $6.5bn analyst consensus.
One sticking point is the ongoing uncertainty about a proposed $40bn takeover of British-based Arm.
Nvidia said in a statement that it expects the deal to go through and called on regulators to “recognize the benefits” of its acquisition for licensees and the wider industry.
Nvidia stock traded up on Thursday, advancing 5.92% to $201.68 by early afternoon on the Nasdaq.
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