US chipmaker Nvidia breaks revenue record
California-based chipmaker Nvidia's revenue exceeded market expectations and reached a record high of $30 billion in the three-month period ending July 28.
Nvidia announced its financial results for the three-month period ending July 28, which it considered in its balance sheet as the second quarter of fiscal 2025.
Accordingly, the company's revenue in the said period broke a record by increasing by 122 percent annually to $30 billion.
Nvidia, which increased its revenue by 15 percent compared to the previous quarter, had revenue of $13.5 billion in the same quarter last year.
Market expectations were that Nvidia's revenue for this period would be $28.7 billion.
The chipmaker announced its revenue expectation for the current quarter as $32.5 billion.
COMPANY’S PROFIT INCREASED BY 168 PERCENT
Nvidia’s net profit also rose 168 percent year over year to $16.6 billion in the quarter, compared to $6.2 billion in profit in the same period last year.
The company's earnings per share rose to 67 cents in the period, from 25 cents in the second quarter of fiscal 2024.
$50 BILLION SHARE BUYBACK APPROVED
Nvidia also announced that it returned $15.4 billion to shareholders through stock buybacks and cash dividends in the first half of fiscal 2025.
The company's board of directors reportedly approved an additional $50 billion in share repurchase authorization.
Nvidia Founder and CEO Jensen Huang also made a statement on the financial results, stating that demand for the company's Hopper product remains strong and that the expectation for Blackwell is “incredible”, and said, “Nvidia achieved record revenues as global data centers worked full throttle to modernize the entire compute stack with accelerated computing and generative artificial intelligence.”
As demand for AI chips continues to grow, Nvidia's shares have gained nearly 150 percent since the beginning of the year, pushing the company's market value past $3 trillion.