Nvidia Reports $96.2 Billion Quarter, Up 106%, and Guides to $108 Billion

For the quarter that ended July 26, the second of Nvidia's fiscal 2027, the chipmaker has reported revenue of $96.2 billion. That is up 106% from a year earlier and 18% from the prior quarter. Analysts had forecast roughly $92 billion.

The Data Center segment did nearly all the work. It brought in $89.0 billion, up 117% year over year. More than nine of every ten revenue dollars came from that one division.

One quarter now equals nearly half of what Nvidia earned across its entire previous fiscal year. That year, fiscal 2026, brought total revenue of $215.9 billion, up 65%, with Data Center around 90% of the total.

Profit and guidance

Non-GAAP diluted earnings per share came in at $2.22, up 120%. Gross margin held at 75%.

Net profit reached $59.7 billion, up 126%. That figure was boosted by $7.8 billion in gains from Nvidia's portfolio of stakes in AI companies, so it is not purely a product-sales number.

For the third quarter of fiscal 2027, Nvidia guided revenue to approximately $108 billion, plus or minus 2%. It expects gross margin around 74%, give or take 50 basis points. The revenue guide sits well above Wall Street forecasts.

CEO Jensen Huang called this an inflection point for the AI sector, with AI becoming more productive and more valuable.

He also projected revenue growth of roughly 70% for fiscal 2028 and described that figure as supply-constrained. Analysts had previously expected growth of about 44%.

That is the company's own projection, not a result. The supply-constrained label means demand is running ahead of what Nvidia can deliver, which supports pricing power and margins. It also ties the number to manufacturing capacity and the supply chain behind it.

Who is paying for it

Nvidia's results are largely determined by huge purchases from AI giants such as OpenAI, Anthropic, Meta and Google. Its biggest customers, Amazon, Microsoft, Alphabet and Meta, are on track to spend roughly $800 billion on data centers and AI infrastructure this year. That is nearly double last year's total, and analysts expect industry-wide spending to top $1 trillion.

Nvidia has increasingly become a financier of that buildout. It funds its own AI developer clients by helping AI startups pay for Nvidia-based infrastructure, and the company has faced questions about circular financing as a result.

The $7.8 billion in portfolio gains in this quarter's profit sits in the same territory, as Nvidia holds stakes in AI companies.

China stays at zero

Nvidia again projected no revenue from AI computing chips in China in its forecast.

Beijing has only recently begun allowing limited quantities of Nvidia's H200 processors into the country. ByteDance and Tencent have reportedly each received around 10,000 units in recent weeks. That is a fraction of what U.S. export licenses permit.

The stock

Nvidia's share price growth has trailed other chip companies in recent months. It is far below the leaps of 2023 that followed the launch of ChatGPT.

The company remains the most valuable publicly traded company in the world, ahead of Apple.

The next test is the third-quarter report, which will show whether Nvidia delivers the guided $108 billion. Any China shipments would be extra, since the guidance includes none.

The 70% fiscal 2028 growth target is the other open number. It is Huang's projection, set against the 44% analysts had penciled in.