[NEW] Nvidia's earnings exceed market expectations, shares soar in after-hours trading

On the 23rd, NVIDIA, a major US semiconductor company, announced its second quarter (May-July) financial results.

Sales reached a record high of $13.51 billion (approximately JPY 2 trillion), up 88% from the second quarter and 101% from the same period last year.

This exceeded the market forecast of approximately $11.2 billion (approximately JPY 1.62 trillion).

Net income was $6.188 billion (approximately JPY 900 billion), 9.4 times higher than the same period last year, setting a new record high.

In addition, sales from the data center business increased 141% from the first quarter and 171% from the same period last year to $10.32 billion (approximately JPY 1.5 trillion).

This also far exceeded the market forecast of approximately $8 billion (approximately JPY 1.16 trillion), setting a new record high.

The reason for the favorable results is the heated demand for AI.

AI, especially semiconductors for generative AI, boosted the numbers.

NVIDIA also announced its third-quarter sales forecast.

It said it expects third-quarter sales of $16 billion (approximately 2.32 trillion yen) at a rate of plus or minus 2%.

This is well above the market forecast of approximately $12.5 billion (approximately 1.8 trillion yen).

In light of these favorable results, NVIDIA's stock price rose by more than 9% in after-hours trading.

This shows expectations that demand for semiconductors will continue to grow in the wake of the AI ​​boom.

NVIDIA CEO Jensen Huang said in the announcement, "A new era of computing has begun. Companies around the world are moving from general-purpose computing to accelerated computing and generative AI," indicating his belief that demand for AI will continue to increase in the future.

Nvidia's much-anticipated earnings results exceeded expectations, leading to buying in semiconductor and tech stocks during Asian trading hours.

As a result, the cryptocurrency market has also seen a rise in the prices of many stocks, particularly major altcoins such as Bitcoin (BTC).

Reference:Announcement
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