$NVDA NVIDIA Q2 Earnings & Q3 Guidance
- Adjusted EPS $2.22
- Revenue $96.2B, est. $92.38B
- Adjusted gross margin 75%
- Data Center revenue $89.0B, est. $85.86B
- Compute & Networking revenue $88.30B, est. $84.69B
- Hyperscale revenue $48.71B, est. $43.55B
- AI Clouds, Industrial & Enterprise revenue $40.31B
- China revenue $7.88B
- Edge Computing revenue $7.20B, est. $6.61B
- Q2 gross margin rose y/y, aided by Blackwell Ultra
- Sees Q3 revenue $105.84B to $110.16B, est. $105.15B
- Q3 revenue midpoint $108.0B, equivalent to $108.0B ±2%
- Sees Q3 adjusted gross margin 73.5% to 74.5%
- Sees Q3 adjusted operating expenses about $9.0B, est. $8.97B
- Vera Rubin now in full production
- Partnered with suppliers to secure critical components
- Supplier commitments increased to $279B from $119B q/q, primarily due to memory procurement
- GPUs at Ports-Pike could represent $150B to $200B in revenue
- Infrastructure at Ports-Pike could represent ~1.5M GPUs
- Ports-Pike guarantee obligations capped at $105B
- Expects to reassign data center leases to third parties
- Signed data center lease agreements with terms of ~15 years
- One direct customer represented 16% of total revenue in 2Q
- 44% of 1H total revenue was from three direct customers
- Next quarterly cash dividend $0.25/share, payable Oct. 1
- Huang: “AI has reached its inflection point”
- Huang: “Now, compute is revenue”