Nvidia's Q2 Results Beat Wall Street on Strong AI Chip Demand

Nvidia reported quarterly earnings Wednesday that far exceeded Wall Street forecasts, driven by surging demand for its high-end AI chips. Net income reached $59.69 billion, or $2.46 per share, for the May-July period, up from $26.42 billion a year earlier. Revenue more than doubled to $96.22 billion, surpassing the $92.27 billion analyst consensus. Excluding items, earnings were $2.22 per share, above the $2.09 forecast. The company also projected about $108 billion in current-quarter revenue, exceeding expectations of $104.86 billion. Operating expenses rose 55% to $8.41 billion. Nvidia's outlook excludes China data center revenue. Shares slipped 0.3% in after-hours trading, though the stock is up 12.4% this year.