Nvidia reports 88% jump in revenue and tops estimates, driven by demand for AI chips

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Nvidia CEO Jensen Huang,speaks at the Supermicro keynote presentation during the Computex conference in Taipei on June 1, 2023.

Walid Berrazeg | Sopa Images | Lightrocket | Getty Images

Nvidia shares climbed 8% in extended trading on Wednesday after the chipmaker reported beat estimates for the second quarter and issued optimistic guidance for the current period.

Earnings: $2.70 a share, adjusted, versus $2.09 per share expected by Refinitiv.Revenue: $13.51 billion versus $11.22 billion expected by Refinitiv.

Nvidia said it expected third-quarter revenue of about $16 billion, higher than $12.61 billion forecast by Refinitiv. Nvidia's guidance suggests that its sales will grow 170% on an annual basis in the current quarter.

Nvidia's performance was driven by its data center business, which includes the A100 and H100 AI chips that are needed to build and run AI applications like ChatGPT. Nvidia reported $10.32 billion in data center revenue, which was up 171% on an annual basis.

Nvidia said its board of directors had authorized $25 billion in share buybacks.