NVIDIA (NASDAQ: NVDA) reported Q2 EPS of $1.24, $0.10 better than the analyst estimate of $1.14. Revenue for the quarter came in at $2.58 billion versus the consensus estimate of $2.54 billion.

“We achieved sequential growth across our platforms,” said Jensen Huang, founder and CEO of NVIDIA. “Real-time ray tracing is the most important graphics innovation in a decade. Adoption has reached a tipping point, with NVIDIA RTX leading the way.

“NVIDIA accelerated computing momentum continues to build as the industry races to enable the next frontier in artificial intelligence, conversational AI, as well as autonomous systems like self-driving vehicles and delivery robots,” he said.

GUIDANCE:

NVIDIA sees Q3 2020 revenue of $2.9 billion, versus the consensus of $2.97 billion.

• Revenue is expected to be $2.90 billion, plus or minus 2 percent.
• GAAP and non-GAAP gross margins are expected to be 62.0 percent and 62.5 percent, respectively, plus or minus 50 basis points.
• GAAP and non-GAAP operating expenses are expected to be approximately $980 million and $765 million, respectively.
• GAAP and non-GAAP other income and expense are both expected to be income of approximately $25 million.
• GAAP and non-GAAP tax rates are both expected to be 10 percent, plus or minus 1 percent, excluding any discrete items. GAAP discrete items include excess tax benefits or deficiencies related to stock-based compensation, which are expected to generate variability on a quarter by quarter basis.

For earnings history and earnings-related data on NVIDIA (NVDA) click here.