04:55 PM EDT, 08/28/2024 (MT Newswires) -- Nvidia's ( NVDA ) fiscal second-quarter results surpassed Wall Street estimates as demand for generative artificial intelligence helped drive record revenue.

The chipmaker's adjusted per-share earnings increased to $0.68 during the three months ended July 28 from $0.27 a year earlier. That topped the consensus on Capital IQ of $0.64. Revenue more than doubled to $30.04 billion, higher than the Street's $28.75 billion call.

"Nvidia ( NVDA ) achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI," Chief Executive Jensen Huang said in a statement.

Data-center revenue surged 154% year-over-year to a record $26.27 billion, reflecting demand of the Hopper graphics processing unit computing platform used for the training of large language models and generative AI applications, Chief Financial Officer Colette Kress said in comments posted on the company's website. Within the data center division, networking revenue advanced 114% to $3.67 billion.

Gaming revenue jumped 16% to $2.88 billion, while that of professional visualization added 20% to $454 million. Automotive rose 37%.

Nvidia ( NVDA ) expects third-quarter consolidated revenue of $32.5 billion, plus or minus 2%. The consensus estimate indicates $31.77 billion.

Nvidia's ( NVDA ) shares were down 3.4% in after-hours trading.

The company in June completed a 10-for-1 forward stock split.

Price: 122.84, Change: -2.77, Percent Change: -2.21