실적분석 NVIDIA ($NVDA) Fiscal 2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Both Beat, Guidance at $108B
Earnings Scorecard
Revenue: $96.221B (+106% YoY, vs. $92.177B estimate) ✅ Beat
EPS: Adjusted diluted $2.22 (vs. $2.09 estimate) ✅ Beat
Guidance: New — Fiscal 2027 Q3 revenue $108B (±2%), assumes $0 China Data Center compute revenue
Stock reaction: After-hours +0.42% ($210.55) — as of 06:00 KST, 08-27
Highlights
Data Center surge: Data Center revenue $89B, +117% YoY
Adjusted EPS beat: Adjusted diluted EPS $2.22 versus $2.09 estimate
Q3 revenue guidance issued: New Q3 revenue guide of $108B (±2%)
The ramp of the Vera Rubin platform into full-scale production underpinned quarterly growth, driven by demand from cloud providers and AI factories. Edge Computing revenue also reached $7.2B, up 27% YoY, maintaining momentum outside the core franchise.
Lowlights
Gross margin guide: Q3 gross margin guide of 74.0%, below the current quarter's 75.0%
China assumption of zero: Q3 guide assumes $0 in China Data Center compute revenue
Includes unrealized gains: GAAP net income includes approximately $7.77B in unrealized gains on equity securities
Core operating earnings are strong, but a portion of GAAP net income stems from mark-to-market gains on investment holdings. Lining up adjusted and GAAP figures side by side reveals a different picture of earnings quality.
What Management Said
CEO Jensen Huang stressed that AI has moved into a phase of generating real revenue and that demand is accelerating. The market appeared to weigh the China-excluded Q3 revenue outlook and the lower gross margin guide more heavily than the optimistic tone.
Market Reaction and What to Watch Next
Even with results beating expectations, the muted after-hours response reflects lofty growth expectations already priced into the stock, compounded by the conservative China-excluded outlook and the step-down in gross margin guidance.
Pace at which Vera Rubin volume production converts into actual revenue
Whether China Data Center compute revenue recovers
Whether next quarter's gross margin holds near the 74% guide
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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