Nvidia Crushes Q2 Earnings Expectations with Record Revenue

Nvidia's highly anticipated quarterly earnings report has finally arrived, and it's exceeding market expectations. The company announced record Q2 revenue of $96 billion, more than doubling year-over-year with growth accelerating for the fourth consecutive quarter.

Data center revenue increased 18% quarter-over-quarter to $89 billion, driven by hyperscale and ACINE segments. GAAP and non-GAAP gross margins both remain at 75%, largely unchanged from the previous quarter.

Nvidia also returned a record $26 billion to shareholders through $20 billion share repurchases. Initially, shares fell about 2% after the report, but quickly reversed higher during the earnings call, rising more than 4% in after-hours trading as management provided a stronger long-term growth outlook.