Editor's Note: This article has been updated to correct the price action data.NVIDIA Corporation NVDA reported second-quarter financial results after market close Wednesday.Here are the key highlights.What Happened: Nvidia reported second-quarter revenue of $46.74 billion, up 56% year-over-year. The revenue total beat a Street consensus estimate of $46.02 billion according to data from Benzinga Pro.The company reported adjusted earnings per share of $1.05 in the quarter, beating a Street consensus estimate of $1.01.Non-GAAP gross margins in the quarter were 72.7%.The company had no H20 sales to China-based customers in the second quarter. Nvidia said it benefited from a $180 million release of H20 inventory that was sold to a customer outside of China.Blackwell Data Center revenue was up 17% quarter-over-quarter.Here is a look at the revenue performance by operating business segment.&#34;Blackwell is the AI platform the world has been waiting for, delivering an exceptional generational leap – production of Blackwell Ultra is ramping at full speed, and demand is extraordinary,&#34; Nvidia CEO Jensen Huang said.Huang said Nvidia NVLink rack-scale computing is &#34;revolutionary&#34; and &#34;arriving just in time as reasoning AI models drive orders-of-magnitude increases in training.&#34;&#34;The AI race is on, and Blackwell is the platform at its center.&#34;Nvidia announced a new $60 billion share buyback authorization and said it had $14.7 billion remaining on an existing repurchase agreement.What's Next: Nvidia is guiding for third quarter revenue to be in a range of $52.92 billion to $55.08 billion, versus a Street consensus estimate of $52.96 billion, according to data from Benzinga Pro.The guidance does not include any H20 shipments to China.Nvidia expects non-GAAP gross margins to be 73.5% in the third quarter, plus or minus 50 basis points. The company expects to exit the year with non-GAAP gross margins in the mid-70% range.NVDA Price Action: NVIDIA shares were down 3.4% at $175.40 in after-hours trading on Wednesday, versus a 52-week trading range of $86.63 to $184.48.

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Nvidia reported Q2 earnings with revenue of $46.74 billion, up 56% year-over-year, surpassing estimates. Adjusted EPS was $1.05, beating the consensus of $1.01. The company announced a $60 billion share buyback and expects Q3 revenue between $52.92 billion and $55.08 billion. CEO Jensen Huang emphasized the significance of their Blackwell AI platform, stating, "The AI race is on." Despite strong results, Nvidia shares fell 3.4% in after-hours trading.

- NVIDIA Corporation reported second-quarter revenue of $46.74 billion, a 56% increase year-over-year, surpassing estimates.  
- The company achieved adjusted earnings per share of $1.05 and announced a new $60 billion share buyback authorization.  
- For the third quarter, NVIDIA expects revenue between $52.92 billion and $55.08 billion, with non-GAAP gross margins projected at 73.5%.

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Nvidia Q2 Earnings Highlights: Double Beat, $60B Share Buyback, Huang Says 'AI Race Is On' (CORRECTED)