Nvidia's Earnings Pull Just Ahead of Estimates

Justin Sullivan / Getty Images Nvidia shares added more than a third of their value in 2025 through Wednesday’s close.

Nvidia (NVDA) reported quarterly earnings just slightly ahead of Wall Street analysts' expectations, as its sales rose to a record high.

The AI chipmaker posted adjusted earnings of $1.05 per share on revenue that soared 56% year-over-year to a record $46.74 billion in the second quarter, above analysts' estimates compiled by Visible Alpha. (Investopedia's live coverage of the results is here.)

Nvidia said its profits benefited from the release of $180 million tied to sales of inventory of its H20 chips, which were banned in China during the quarter by the Trump administration's export controls, to a customer outside China. The chipmaker said that without its sales of previously reserved H20 chips outside of China, it would have reported EPS of $1.04.

Data center sales, which make up the bulk of Nvidia's revenue, climbed to a record $41.1 billion, though that figure slightly missed Street projections. Several of Nvidia’s Big Tech customers have committed to big spending plans to build out their AI capacity in recent earnings calls, fueling analysts' lofty expectations, which climbed ahead of Wednesday's report.

The chipmaker said its board also approved an additional $60 billion in stock buybacks.

Nvidia shares declined about 3% in after-hours trading. The stock added more than a third of its value in 2025 through Wednesday’s close.

Chipmaker Forecasts Rising Sales on Strong AI Demand

Looking ahead, Nvidia projected third-quarter revenue of $54 billion, plus or minus 2%, which would be another record high. Wall Street analysts had called for revenue of $53.8 billion.

However, that forecast doesn't take into account potential H20 sales to China, which could resume, thanks to a recent 15% revenue-sharing agreement with the Trump administration. Nvidia CFO Collette Kress said the company hasn't restarted sales of its H20 chips in China yet while it waits for the U.S. government to codify its revenue-sharing agreement.

Nvidia CEO Jensen Huang said during the company’s earnings call that he estimates China's market could represent a $50 billion opportunity for Nvidia this year.

The CEO also said he sees a "real possibility" Nvidia could be granted a license to sell its Blackwell chips (which are more powerful than H20) in China, as the company continues talks with the Trump administration about expanding its access to the region.

This article has been updated since it was first published to include additional information and reflect more recent share price values.

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