Nvidia (NASDAQ:NVDA) reported better-than-expected second-quarter earnings and revenue on Wednesday, but its stock slipped in after-hours trading as data center revenue fell short of Wall Street forecasts for a second straight quarter. The company posted adjusted earnings of US$1.05 per share, topping the US$1.01 estimate from LSEG, on revenue of US$46.74bn, compared with consensus of US$46.06bn. Net income jumped 59% to US$26.42bn from US$16.6bn a year earlier. Nvidia said it expects revenue this quarter of about US$54bn, plus or minus 2%, above analysts’ US$53.1bn forecast.
Data center sales rose 56% year-on-year to US$41.1bn, making up 88% of total revenue, but still fell slightly short of StreetAccount’s US$41.34bn projection. Nvidia said US$33.8bn of those sales came from GPUs, down 1% from the prior quarter because of a US$4bn shortfall in H20 chip sales. Networking revenue nearly doubled to US$7.3bn. Chief financial officer Colette Kress told analysts the company sees US$3–4tn in AI infrastructure spending globally by 2030. She also confirmed that no H20 processors were shipped to China during the quarter, though Nvidia recognised US$180m of H20 inventory sales to a customer outside China. The company has previously said H20 delays cost it US$4.5bn in writedowns and as much as US$8bn in potential quarterly sales.
Nvidia said Blackwell chip sales rose 17% from the previous quarter. Introduced in May, Blackwell products have already generated US$27bn in sales, representing about 70% of data center revenue. Gaming revenue climbed 49% to US$4.3bn, while robotics revenue rose 69% to US$586m. Management has highlighted robotics as a long-term growth opportunity despite its small contribution today.
The company authorised an additional US$60bn in share buybacks with no expiry, after repurchasing US$9.7bn of stock during the quarter. Revenue has grown more than 50% year-on-year for nine straight quarters, though the second quarter marked the slowest pace in that run. Shares are up 35% in 2025 after nearly tripling in 2024. The Nasdaq has gained 12% this year, following a 29% rise in 2024.
