英伟达Q3营收指引108亿美元不及预期，盘后跌约2%

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This is a breaking news update from Bloomberg. Instant reaction and analysis from our 3,000 [music] journalists and analysts around the world. We are getting Nvidia crossing the Bloomberg terminal. Nvidia sees third quarter revenue $108 billion plus or minus 2%. That's pretty massive. Second quarter data center revenue coming in at $89 billion. That beat estimates of $85.86 billion. That's the red headline right there.

Shares of Nvidia just at first blush down about 6/10 of 1% in the after hours. Investors still making sense of these numbers as they cross. Jensen Wong says quote AI has reached its inflection point. The company also says that Vera Rubin now is in full production. The company too, Nvidia that is will pay its next quarterly cash dividend of 25 cents per share. That's on October 1st. Nvidia second quarter adjusted earnings per share coming in at $222.

Nvidia's second quarter adjusted operating margin is 75%. The company's second quarter revenue overall 96.2 billion. The estimate was for $92.38 billion. Heading on over to uh our Nvidia live blog. Make sure you're following there as well. If you are on the Bloomberg terminal, TLIVgo on the Bloomberg terminal. Nvidia shares down in the after hours by about 1.9%. Again, investors waiting to hear more commentary, but some initial headlines here.

Second quarter data center revenue coming in above estimates at $89 billion. Vera Rubin now in full production. Nvidia will pay its next quarterly cash dividend of 25 cents a share on October 1st. The company sees third quarter revenue of $ 108 billion plus or minus 2%. Nvidia's second quarter data center revenue coming in above estimates.

We're excited to have with us here Ramy Sarafra. He is CEO at Cordoba Partners. Thank you for coming here, Ramy. Thank you for having me.

Two things stick out to me, Ramy. One is that $108 billion plus or minus 2% for the third quarter revenue. That is just a massive massive figure.

That is fantastic.

Why why are we seeing shares not react accordingly given you you describe it as fantastic. I mean that's a hundred billion dollar quarter right there no matter which way you slice it.

Yeah. I mean, I you know, I think that one of the issues is that Nvidia has become so big that it's that people trade it for other reasons other than Nvidia, and this happens to any sort of bellweather stock within a specific economy. Um, so my my sense is we have to get all of the commentary for the stock to settle. I would be very surprised if the stock um doesn't recover some of this based on those headline numbers, but we have to dive deep into it.

Um, one of the the issues is that so many, you know, it's it's it's the options market, right? So, a lot of people in the options market, they buy calls going into this. You know, I don't know if you remember 2023, but that was sort of like a a shock trauma for Nvidia, right? I think it it beat um, you know, forecast by something like 25% or something like that.

This was like when people were starting to play with chat GPT,

correct? And and I think that that was such a shock to the system that people who are now sort of you know owners of Nvidia and whatnot. They you know retail investors don't want to miss another quarter like that. So a lot of them overpay for calls. They buy call options going into the the session. Um I think the other thing is that a lot of people are you know uh hedging massive amounts of gains right remember in the US we don't just dump our stocks after they have huge accumulated gains or we get you know hit with taxes.

Um, so I think the options market, so I think you you see a little bit of um, you know, retrenchment in the wake of the announcement, but with those types of headline numbers, I'd be very surprised if it doesn't turn green.

So, it's just getting harder to impress investors. I mean, that's basically just it because you have Nvidia, they forecast 105.84 billion to 110.16 billion of revenue for the quarter ending in November. Um, the bar is set high.

The bar is set very high. The bar is set very high. I think I think rather than saying the bar is set high, the bar was set early.

Early. Good. Um, and I think that that's the case with many chip um, you know, and AI names. And the reason why there's so much volatility in these chip names is because the bar is set early and because these have such, um, you know, duration, sensitivity, these stocks react very, very abruptly to any news whatsoever.

Well, some of that news continues to cross. I want to bring Ed Lello back in. He's the host of Bloomberg Tech on Bloomberg television. Nvidia forecasting, as Lisa just said, at 105.84 84 billion to 110.16 billion. There it is. It's a $100 billion quarter outlook. Same question to you that I just asked Ramy Sarafa over at Cordoba. Why don't we see shares reacting accordingly in the after hours?

It's very likely that shares were going to drop. Um, you [laughter] know, I go back to what I said when I was with you before the the print hit that on the buy side at least like the the expectations of what Nvidia would guide to for the fiscal third were very high. And sound, you know, 10 plus or minus 2%. Uh, you know, it's not so far off the more bullish positions in the market. I'm also looking at margins like it's really interesting the timing of this.

We won't hear more about that until the call, but the cordon adjusted gross margin 75% bang in line for this current fiscal third period. The guide is 74% uh plus or minus 50 basis points. The street saw those holding up nearer to 75. And so one very quick point I'd make is that Bloomberg had reported that the server makers were telling customers that Nvidia based platform prices would go up up to 15% or more starting in 2027.

People misunderstand that Nvidia doesn't go out to the world and sell directly really or historically. They use the OEMs who make the servers to go and sell sell that gear. So right now there's no tangible impact or discussed impact of higher costs for memory or for the fab capacity issue reflected in in their statement or the margins but it might be a thing