Nvidia Q2 results top estimates; unveils $50B stock buyback

Investing.comAug 29, 2024 12:19 AM

Investing.com -- Nvidia reported Wednesday better-than-expected Q2 results, and the chipmaker announced a $50B stock buyback program.

NVIDIA Corporation (NASDAQ:NVDA) fell more than 4% in afterhours following the report.

For the three months ended Jul. 28, the company reported Q2 adjusted earnings of $0.68 a share on revenue of $30.04 billion, beating estimates of $0.64 and $28.68B respectively.

The stronger quarterly results were supported by a 154% surge in data center revenue to $26.27B from the same period a year earlier.

For Q3, revenue is expected to be $32.5B, plus or minus 2%, beating Wall Street estimates of $31.9B.

The company said it approved an additional $50.0B share buyback plan.

The company also said it expected to speed up production of its Blackwell AI chips staring in Q4 and continuing into fiscal 2026.

Nvidia expects to ship "several billion dollars in Blackwell revenue" in Q4, the company said.

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