The post NVIDIA Earnings Report Come In 122% Higher; AI Coins Rally Looming? appeared on BitcoinEthereumNews.com.

NVIDIA earnings report has come in impressive on financial results for the second quarter ending July 28, 2024, with revenues hitting $30 billion. This marks a 122% rise from the same period last year, underscoring the company’s leadership in the rapidly expanding AI chip market. NVIDIA Earnings Report Come In 122% Higher NVIDIA’s revenue for the quarter reached $30 billion, an increase of 122% compared to the previous year, alongside earnings per share of $0.68, which surged 168% year-over-year. These figures surpassed analysts’ projections, who expected $28.72 billion in revenue and earnings of $0.64 per share. The robust financial performance is driven by soaring demand for its AI products and services as more industries adopt AI technologies. NVIDIA $NVDA JUST REPORTED EARNINGS EPS of $0.68 beating expectations of $0.64Revenue of $30B beating expectations of $28.7B pic.twitter.com/EH1zZHvVd8 — Evan (@StockMKTNewz) August 28, 2024 Concurrently, the company has forecasted third-quarter revenue of $32.5 billion, again beating market expectations. The anticipation surrounding the launch of the Blackwell chips later this year is also a key driver of NVIDIA earnings outlook. These results and optimistic guidance suggest a strong trajectory for the firm in the AI chip market and the broader tech sector, making it a critical indicator of AI-driven growth. Achieving its projected targets for the third and fourth quarters will be crucial for sustaining its upward momentum and positive investor sentiment. Despite these strong numbers in the NVIDIA earnings report, shares of the chip giant were down about 2.10% trading at $125.61 and 6.81% down in after-hours trading at $116.88. Competition Intensifies in the Chip Industry NVIDIA’s position is being challenged as the AI chip market becomes increasingly competitive. Startups like Cerebras, d-Matrix, and Groq are gaining traction, securing large investments to enhance their product offerings and compete in the AI hardware…

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Filed under: News - @ August 29, 2024 3:27 am