Nvidia reported $46.74 billion in revenue and adjusted earnings per share of $1.05 for Q2 2025, both above analyst estimates, and forecast about $54 billion for the third quarter. Data-center revenue fell short of forecasts for a second straight quarter, which contributed to a post-earnings stock decline. CFO Colette Kress said no H20 chips were shipped to China this quarter; potential shipments worth $2–$5 billion were excluded from guidance pending eased restrictions. The company mentioned a proposed 15% remittance on licensed sales to the U.S. government. Nvidia projected $3–$4 trillion in AI infrastructure spending by 2030, intensifying the AI competition.
Nvidia exceeded expectations once again in its second quarter of 2025, but China remains a question mark. On Wednesday, the chipmaking giant reported $46.74 billion in revenue and adjusted earnings per share of $1.05, both beating analyst estimates. The company also forecast third-quarter sales of about $54 billion. Despite the upbeat earnings, Nvidia shares slipped in extended trading as data center revenue fell short of forecasts for a second straight quarter, and as signs of slowing growth began to show.
CFO Colette Kress said Nvidia has yet to ship any H20 chips to China this quarter, despite some customers recently receiving licenses. In the earnings call, she said that shipments worth $2 to $5 billion could flow if restrictions ease, but the company has excluded that revenue from its third-quarter forecast. The company has also floated a 15% remittance to the US government on licensed sales, though no rule has been finalized.
"We just have to keep advocating," CEO Jensen Huang said during the call with investors. "It is the second-largest computing market in the world, and it is also the home of AI researchers. About 50% of the world's AI researchers are in China," Huang added. "So it's fairly important, I think, for the American technology companies to be able to address that market."
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