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The generative AI boom caused NVIDIA to double its revenues to $13.51 billion for Q2 2023

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NVIDIA announced a blowout financial report today for its second quarter 2023 results. Thanks mostly to its data center business, which includes its generative AI GPU products, the company said it brought in revenues of $13.51 billion for the quarter. That's 101 percent higher than its revenues of $6.704 billion that it made in the same period last year.

Net income came in at $6.188 billion for the second quarter of 2023 for NVIDIA. That is over 800 percent higher than its net income of "just" $656 million for the same quarter a year ago. Investors loved that news as the stock price was up around 8 percent in after-hours trading.

The need for using NVIDIA's generative AI GPUs like the A100 and H100 by companies like Microsoft. Amazon and others fueled NVIDIA's growth in the past quarter. Its Data Center division brought in $10.32 billion in revenues for that time period. That's up 171 percent compared to the same period a year ago.

In a statement, NVIDIA CEO Jensen Huang said:

During the quarter, major cloud service providers announced massive NVIDIA H100 AI infrastructures. Leading enterprise IT system and software providers announced partnerships to bring NVIDIA AI to every industry. The race is on to adopt generative AI.

Earlier this month, the company announced its GH200 Grace Hopper generative AI platform, which will be available sometime in the second quarter of 2024.

NVIDIA's gaming division brought in $2.49 billion in revenue for the quarter, which was still up by 22 percent compared to the same period a year ago. The company launched its more affordable GeForce RTX 4060 GPUs and graphics cards at the end of June.

NVIDIA doesn't see the generative AI gravy train coming to a stop anytime soon. It's currently projecting it will bring in revenues of $16 billion for the current third quarter of 2023.

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