Nvidia doubles quarterly revenue to $96 billion and crushes Wall Street growth targets as CEO Jensen Huang says demand is accelerating

Nvidia doubled its revenue and profit year-over-year in its second quarter, and forecast sales in the current quarter that topped analyst estimates, as red-hot demand for its AI chips continues to bolster the company’s fortunes.

Revenue in the three months ended July 26 totaled $96.2 billion, up 18% over last quarter and 106% from the year-ago period, the company reported Wednesday—crushing analyst estimates of $92.2 billion.

For the quarter currently underway, Nvidia guided to revenue of $91 billion plus or minus 2%, outpacing the average analyst expectation of $103.9 billion.

“AI has reached its inflection point.

It’s doing useful work.

Its tokens are productive and profitable.

Now, compute is revenue,” said Jensen Huang , founder and CEO of Nvidia in a statement.

“And demand is accelerating,” he said.

In after-hours trading, NVDA was flat after the price tumbled 1.6% during the day.

Data center revenue, the overwhelming majority of Nvidia’s AI business, clocked in at $89 billion, compared to analyst estimates of $85.7 billion.

Last quarter, the data center segment produced $75.2 billion in revenue, up 92% from the year prior when revenue was $39.1 billion.

Within the data center business, Nvidia reported $48.7 billion in hyperscale revenue and $40.3 billion in AI clouds, industrial, and enterprise (ACIE) revenue, a breakdown the company adopted to make large cloud customers distinct from AI-native clouds, sovereign AI, and on-premises enterprise.

Nvidia reported non-GAAP earnings of $2.22 per diluted share.

Analysts had expected $2.06 to $2.09.