05:12 PM EDT, 08/28/2024 (MT Newswires) -- (Updates with share buyback approval in the headline and seventh paragraph.)

Nvidia ( NVDA ) reported fiscal Q2 non-GAAP earnings late Wednesday of $0.68 per diluted share, up from $0.27 a year earlier.

Analysts polled by Capital IQ expected $0.64.

Revenue for the quarter ended July 28 was $30.04 billion, up from $13.51 billion a year earlier.

Analysts surveyed by Capital IQ expected $28.75 billion.

The company expects fiscal Q3 revenue of $32.5 billion, plus or minus 2%. Analysts expect $31.77 billion.

Nvidia ( NVDA ) maintained its quarterly cash dividend at $0.01 per share, to be paid on Oct. 3 to shareholders of record on Sept. 12.

The company also said its board has authorized an additional $50 billion share buyback without expiration.

Nvidia ( NVDA ) shares were down more than 5% in recent after-hours activity.

Price: 119.73, Change: -5.88, Percent Change: -4.68