NVIDIA breaks records as sales skyrocket 68 percent higher

We're moving a bit later in this quarter's earnings season so it's time for NVIDIA's financial results. The green team had another blowout quarter, with all-time record revenue of $6.51 billion, up 68 percent year-over-year! Gaming revenue soared 85 percent year-over-year to $3.06 billion and data center revenue increased 35 percent year-over-year to $2.37 billion.

Revenue was $170 million higher than Wall Street consensus. NVIDIA's net income was up 282 percent year-over-year to $2.37 billion. On a non-GAAP basis, the company posted earnings per share of $1.04. That's 89 percent more than a year ago and 2 cents higher than analysts' estimates.

NVIDIA anticipates the current quarter will be another record-smashing rollercoaster, with revenue of $6.8 billion, plus or minus 2 percent. NVIDIA's strong results are primarily driven by the continued strong sales performance of its gaming GPUs as well as the big uptick in data center GPU sales.

NVIDIA also noted that even though the acquisition of Arm is taking longer than initially thought, due to regulatory hurdles, the firm is still confident the deal will close. NVIDIA shares closed 2.31 percent higher in after-market trading at $194.80.

NVIDIA (NASDAQ: NVDA) today reported record revenue for the second quarter ended August 1, 2021, of $6.51 billion, up 68 percent from a year earlier and up 15 percent from the previous quarter, with record revenue from the company’s Gaming, Data Center and Professional Visualization platforms.

GAAP earnings per diluted share for the quarter were $0.94, up 276 percent from a year ago and up 24 percent from the previous quarter. Non-GAAP earnings per diluted share were $1.04, up 89 percent from a year ago and up 14 percent from the previous quarter.

“NVIDIA’s pioneering work in accelerated computing continues to advance graphics, scientific computing and AI,” said Jensen Huang, founder and CEO of NVIDIA.

“Enabled by the NVIDIA platform, developers are creating the most impactful technologies of our time – from natural language understanding and recommender systems, to autonomous vehicles and logistic centers, to digital biology and climate science, to metaverse worlds that obey the laws of physics.

“This quarter, we launched NVIDIA Base Command and Fleet Command to develop, deploy, scale and orchestrate the AI workloads that run on the NVIDIA AI Enterprise software suite. With our new enterprise software, wide range of NVIDIA-powered systems and global network of system and integration partners, we can accelerate the world’s largest industries racing to benefit from the transformative power of AI.

“We are thrilled to have launched NVIDIA Omniverse, a simulation platform nearly five years in the making that runs physically realistic virtual worlds and connects to other digital platforms. We imagine engineers, designers and even autonomous machines connecting to Omniverse to create digital twins and industrial metaverses,” he said.

NVIDIA paid quarterly cash dividends of $100 million in the second quarter. It will pay its next quarterly cash dividend of $0.04 per share on September 23, 2021, to all shareholders of record on September 1, 2021.

On July 19, 2021, the company completed a four-for-one split of its common stock in the form of a stock dividend to shareholders of record as of June 21, 2021. All share and per share amounts presented have been retroactively adjusted to reflect the stock split.