Semiconductor heavyweight Nvidia reported higher than expected results for its second quarter on Wednesday, despite signs of slowed growth.
The US company more than doubled its turnover, after tripling it for many past quarters, according to a statement. Its growth rate remains unmatched in its sector.
The news was met with a lukewarm response on Wall Street, with shares dropping 3.12% in electronic trades when the market closed.
Turnover stood at $30 billion for the period from the end of April to the end of July. This was significantly higher than the $28.8 billion analysts had predicted, according to a FactSet consensus.
For the third quarter, Nvidia is eyeing turnover to the sum of $32.5 billion, exceeding market projections of $31.7 billion.
The tech giant has surpassed market expectations for over two years, quarter by quarter.
Its performance is boosted by demand for its now-famous graphics cards (GPUs), chips with exponentially increased computing power crucial to the development of generative artificial intelligence (AI).
In the second quarter, Nvidia raked in a net profit of $16.6 billion, a 168% increase.
Earnings per share, excluding special items, stood at 68 cents, surpassing analyst predictions of 61 cents.
