Riding the wave of artificial intelligence, NVIDIA started 2024 fast. The net profit of the hardware giant, which exceeded expectations with another strong quarter, increased by 769 percent compared to the previous year and reached 12.3 billion dollars.
NVIDIA revenues reached 22 billion dollars
The fourth quarter, which ended last month, was quite successful for NVIDIA. The company reported revenues of $22 billion in the last quarter, beating analysts’ estimates of $20.6 billion. Earnings per share came in at $5.16 and the share price rose above $670.
The most important detail of the earnings report was the net profit. The company’s reported profit reached $12.3 billion, which means a 769 percent growth. The hardware giant achieved the elusive by reporting record profits and revenues for the third time in a row.
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NVIDIA’s data center business continued to be its main earner. Revenue from data center operations increased 409 percent to $18.4 billion. More than half of that revenue came from cloud companies that power AI applications such as language models and recommendation systems.
NVIDIA’s professional visualization operations also grew 105 percent year-on-year. In contrast, gaming revenues grew 56 percent to $3.4 billion. While still an important segment, gaming is lagging behind NVIDIA’s opportunities in artificial intelligence.
The company’s management also forecast revenue of $22-24 billion for the next quarter. This means that NVIDIA is projecting higher than expected revenue.
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