📌Nasdaq falls despite Nvidia’s strong Q2 results
Nvidia (NVDA.US) shares are trading 4% lower after reporting results for the second quarter of fiscal 2024 (Q2). The company’s report also sent the Nasdaq 100 index lower. Nasdaq contracts fell nearly 1.8%, deepening the slide after a weaker close. Revenue came in slightly below “unofficial” expectations; markets would likely be happy with results in excess of $30 billion for the quarter, the company reported “on a stable” $30 billion basis. Here are the numbers, defying consensus:
- Revenue: $30 billion vs. $28.85 billion expected (the company planned $28.56 billion) vs. $26.04 billion in Q1 2024 and $13.51 billion in Q2 2023. Nvidia expects $32.5 billion in Q3 2023.
- Adjusted EPS: $0.68 vs. analysts’ expectations of $0.64.
- Data Center Revenue: $26.3B vs. $25.07B and $22.06B in Q1 2024
The initial reaction to the results was mixed, followed by a broader move lower. The market’s full reaction will likely have to wait until the U.S. market opens tomorrow. However, investors did not “buy” the report as a justification for the company’s lofty valuation and expectations.
Source: Nvidia
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