NVIDIA Reports Second Quarter Earnings

NVIDIA (NASDAQ:NVDA), the company that invented GPU reported US$2.58 billion in revenue for the second quarter, posting a year-over-year decline from US$3.12 billion. Net income figures also dipped lower by 50 percent, while diluted earnings per share followed a similar downward trend, decreasing by 49 percent to US$0.90 over the same time period.

As quoted in the press release:

We achieved sequential growth across our platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with NVIDIA RTX leading the way.

“NVIDIA accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots,” he said.

NVIDIA will pay its next quarterly cash dividend of $0.16 per share on September 20, 2019, to all shareholders of record on August 29, 2019. The first priority of the company’s cash balance is the purchase of Mellanox Technologies, Ltd. The company will return to repurchasing its stock after the close of the Mellanox acquisition. The regulatory approval process for this acquisition is progressing as expected, and NVIDIA continues to work toward closing the deal by the end of this calendar year.

Click to read the full press release.