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NVIDIA reported Q2 FY27 revenue of $96.221 billion and forecast $108 billion in Q3 revenue, but reports disagreed about how its shares traded after the August 26, 2026 release. The Associated Press and Reuters reported gains after the earnings call; Investing.com reported a 1.5% after-hours decline at a specific price point. The different accounts appear to capture different moments, so there is no single after-hours direction that all cited reports establish.
What NVIDIA reported for Q2 FY27
For the quarter ended July 26, 2026, NVIDIA reported revenue of $96.221 billion, up 18% from the previous quarter and 106% from a year earlier. Its Data Center business generated $89.0 billion, up 117% year over year. Both GAAP and non-GAAP gross margin were 75.0%, according to NVIDIA’s August 26 results release.
- GAAP diluted EPS: $2.46.
- Non-GAAP diluted EPS: $2.22.
These are two distinct accounting measures; the $2.22 figure is not GAAP EPS. NVIDIA’s release establishes the company’s reported results and outlook, but does not itself establish an analyst-consensus comparison. Calling the results an “earnings beat” therefore depends on a separately sourced comparison with analysts’ expectations, not just the company’s release.
What NVIDIA forecast for Q3
NVIDIA forecast Q3 FY27 revenue of $108.0 billion, plus or minus 2%. The company said this outlook assumed no Data Center compute revenue from China. It forecast GAAP and non-GAAP gross margins of 74.0%, plus or minus 50 basis points. These are management’s projections, not reported Q3 results.
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What reports said about the share price
The apparent contradiction is largely about when each report measured trading. The figures below are attributed reports, not a single consolidated price history:
| Trading point or account | Reported move | Source and context |
|---|---|---|
| Regular-session close before the results reaction | Down 1.6% | The Associated Press reported this close before saying shares rose after the earnings call. AP, August 2026. |
| After the earnings call | Up 4.1% | The Associated Press reported a 4.1% extended-hours rise following the call. AP, August 2026. |
| Heavy trading after the results | Up 4.2% | Reuters, carried by Investing.com, reported a 4.2% rise in heavy trading. Reuters via Investing.com, August 2026. |
| Investing.com’s cited after-hours price point | Down 1.5% to $206.48 | Investing.com reported this decline despite the results and guidance; it conflicts with the gains reported elsewhere and should be treated as a distinct, disputed account. Investing.com, August 2026. |
| Thursday morning after the call | Up more than 7% | Axios said shares rose more than 7% after CFO Colette Kress forecast 70% revenue growth in the next fiscal year. Axios, August 27, 2026. |
These reports do not provide one definitive account of the entire extended-hours session. A quoted move can differ depending on the time captured, the trading period, and the report’s publication point. The 5.4% figure Reuters cited was the options market’s implied move in either direction at the next open; it was not a forecast that shares would rise or fall by that amount.
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Why strong results may not settle the stock reaction
Reported results describe what happened in the quarter. A share price also reflects what investors expected to happen next, including how much growth they think is already reflected in the price. That can help explain why a company can report rapid growth and offer higher future revenue guidance without every account of its immediate share reaction pointing in the same direction. It does not, by itself, establish why the price moved at a particular moment.
- Expectations: AP and Reuters coverage pointed to high investor expectations. Even a strong reported quarter may prompt scrutiny of whether the next outlook is strong enough relative to those expectations.
- Demand durability: Reuters coverage discussed whether demand for AI infrastructure could be sustained. Axios likewise described questions about whether that spending would ultimately demonstrate its value. These are reported market concerns, not proof that demand is weakening.
- Supply: Axios cited memory-chip supply pressure. That is relevant context for expectations about growth, but the reporting does not establish that it caused any particular share-price move.
- Future growth outlook: Axios reported that CFO Colette Kress expected 70% revenue growth in the next fiscal year, after which shares rose more than 7% Thursday morning. The report links the timing of the forecast and rise; it does not prove that the forecast alone caused the move.
NVIDIA CEO Jensen Huang said in the release, “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.” This is management’s view of AI economics, not independent verification of the profitability or durability of AI infrastructure spending.
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How to read the headlines and figures
- Use “Q2 FY27” for the fiscal quarter ended July 26, 2026, and distinguish that reporting period from the August 26 release date.
- Keep GAAP diluted EPS ($2.46) and non-GAAP diluted EPS ($2.22) labeled separately.
- Describe $108 billion as Q3 revenue guidance, with the plus-or-minus 2% range and the stated China compute assumption, rather than as revenue already earned.
- When citing a share move, name the source and time period. Do not turn a single reported price point into a definitive account of all after-hours trading.
- Separate observed moves from explanations offered by commentators. The cited coverage does not establish one proven cause for the share reaction.
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