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Nvidia triggers its turnover and exceeds 13,500 million for the “new digital age”

Date: May 19, 2024 Time: 13:09:52

Record results for fabless and software company, Nvidia in the quarter. The company has reported that its revenues for this period – ended July 30 – have multiplied its quarterly profit by nine thanks to the “new computing era” in which Artificial Intelligence (AI) is key. Its turnover of 13,507 million, 101% more than a year ago and 88% more than the previous quarter and its accumulated net profit was 8,232 million dollars in the first half of its fiscal year 2024, 262% more . yoy

GAAP diluted earnings per share for the quarter were $2.48, up 854% from a year ago and up 202% from the prior quarter. Non-GAAP diluted earnings per share were $2.70, up 429% from a year ago and up 148% from the prior quarter. As they comment from the American, “a new computing era has begun. Companies around the world are moving from general-purpose computing to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of Nvidia.

Thus, the company has ensured that in the second quarter of its fiscal year, it earned 6,188 million dollars, 843% more than in that section last year, and doubled its turnover to a record that it attributed to the growing income of its Center . of Data (10,320 million). The technology company registers an accumulated turnover of 20,699 million dollars, 38% more, according to a statement.

Now after the results that exceeded all forecasts, the company shot up 10% in the after hours, up to 516 dollars, and closed at 471, which means 3.1% in the regular session. “During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading vendors of enterprise IT software and systems announced partnerships to bring NVIDIA AI to every industry. The race to adopt generative AI has begun ”, they affirm from Nvidia.

During the second quarter of fiscal 2024, Nvida returned $3.38 billion to shareholders in the form of 7.5 million share repurchases for $3.28 billion and cash dividends. At the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. On August 21, 2023, the Board of Directors approved an additional $25 billion in share repurchases, with no maturity. NVIDIA plans to continue with the acquisition of shares this fiscal year.

Now the company has announced that it will pay its next quarterly cash dividend of $0.04 per share on September 28, 2023 to all shareholders of record on September 7, 2023.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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