NVIDIA Corp (NASDAQ:NVDA) stock rose 1.83% (As on August 24, 11:47:01 AM UTC-4, Source: Google Finance) after the company delivered a third-straight sales forecast that surpassed Wall Street estimates, fueled by surging demand for its AI processors. Nvidia’s results last quarter also blew past projections, and it approved an additional $25 billion in stock buybacks. Nvidia became the first-ever semiconductor company to rack up a $1 trillion market valuation after another blowout quarter in May. It has emerged as the main supplier of infrastructure needed to support the growing use of AI systems.

NVD in the second quarter of FY 24 has reported the adjusted earnings per share of $2.70, beating the analysts’ estimates for the adjusted earnings per share of $2.07. The company had reported the adjusted revenue growth of 101 percent to $13.5 billion in the second quarter of FY 24, beating the analysts’ estimates for revenue of $11 billion. Data Center second-quarter revenue was a record $10.32 billion, up 141% from the previous quarter and up 171% from a year ago. Gaming second-quarter revenue was $2.49 billion, up 11% from the previous quarter and up 22% from a year ago. Professional Visualization second-quarter revenue was $379 million, up 28% from the previous quarter and down 24% from a year ago.

Additionally, during the second quarter of fiscal 2024, NVIDIA returned $3.38 billion to shareholders in the form of 7.5 million shares repurchased for $3.28 billion, and cash dividends. As of the end of the second quarter, the company had $3.95 billion remaining under its share repurchase authorization. On August 21, 2023, the Board of Directors approved an additional $25.00 billion in share repurchases, without expiration. NVIDIA plans to continue share repurchases this fiscal year. NVIDIA will pay its next quarterly cash dividend of $0.04 per share on September 28, 2023, to all shareholders of record on September 7, 2023.

Nvidia said sales will be about $16 billion in the three months ending in October. Analysts had estimated just $12.5 billion, according to data compiled by Bloomberg. For the third quarter of fiscal 2024, the non-GAAP gross margins are expected to be 72.5%, plus or minus 50 basis points. The non-GAAP operating expenses are expected to be approximately $2.00 billion. The non-GAAP other income and expense are expected to be an income of approximately $100 million, excluding gains and losses from non-affiliated investments.