Despite beating Wall Street expectations and maintaining a strong growth streak, Nvidia’s shares slipped in after-hours trading as its key data center segment underperformed estimates.
In its fiscal Q2 2025 report, Nvidia posted revenue of $46.74 billion, surpassing analysts’ expectations of $46.06 billion. Earnings per share (EPS) came in at $1.05, slightly higher than the $1.01 forecast. The company also projects Q3 revenue at approximately $54 billion (±2%), exceeding the market consensus of $53.1 billion. This projection excludes any potential contribution from H20 chip shipments to China.
During an analyst call, CFO Colette Kress highlighted that global AI infrastructure spending could reach $3–4 trillion by the end of the decade, signaling massive long-term growth potential.
Compared to the same quarter last year, Nvidia’s revenue jumped 56%, marking the ninth straight quarter of 50%+ growth since mid-2023 when the generative AI boom began influencing its financial performance. Net income surged 59% to $26.42 billion.
Data center revenue hit $41.1 billion, up 56% year-over-year, but slightly below the $41.34 billion estimate. Key details include:
GPU sales contributed $33.8 billion, down 1% sequentially due to a $4 billion shortfall from H20 chips.
Networking products generated $7.3 billion, nearly doubling from last year.
Blackwell GPUs, Nvidia’s latest architecture, continued strong momentum, rising 17% from Q1 to deliver $27 billion in sales, accounting for about 70% of data center revenue.
As for the H20 chips designed for the Chinese market, Nvidia sold none during the quarter. However, it holds an inventory worth $180 million for a non-Chinese customer and expects $2–5 billion in H20 revenue next quarter if U.S. export approvals are granted.
Gaming revenue reached $4.3 billion, up 49% year-over-year, with GPUs optimized to run select OpenAI models on PCs.
Robotics posted $586 million, a 69% increase.
In a significant move, Nvidia’s board authorized a $60 billion share buyback program with no expiration date. The company repurchased $9.7 billion worth of shares in Q2 alone.
Stock Momentum Slows: Despite strong earnings, Nvidia’s shares declined as investors worry about slower-than-expected data center growth.
Geopolitical Risk: Future revenue from H20 chips depends heavily on U.S. export approvals to China, creating short-term uncertainty.
Intensifying Competition: Rivals like AMD and emerging AI-focused chipmakers may pressure Nvidia’s margins over time.
Long-Term Outlook Remains Strong: Projected trillion-dollar AI infrastructure spending and continued Blackwell GPU adoption position Nvidia for sustained growth this decade.
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