Nvidia beats forecasts again with $96 billion quarterly revenue

Nvidia reported Q2 revenue of $96.2 billion, more than doubling year-over-year and beating analyst expectations of $92.17 billion, with earnings per share of $2.22 versus the $2.10 forecast. The company guided Q3 revenue to $108 billion, above the $104 billion consensus. Shares slipped slightly in after-hours trading. The company exceeded analyst estimates in each of the last four quarters. Nvidia's stock is up about 12% since the start of the year, matching the S&P 500's 12.2% gain but trailing memory chip makers like Samsung, SK Hynix, and Micron, which surged hundreds of percent, and Intel's 133% rise. Adjusted gross margin held at 75%. Nvidia will stop reporting its networking division separately, consolidating it with AI server revenue, which totaled $88.2 billion in Q2, up 114% annually. The unit is largely based on Israeli Mellanox, acquired for $6.9 billion. Analysts remain bullish with 57 buy ratings and an average price target of $317, versus the current $211 share price.