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Nvidia Shatters Expectations: Reports Staggering 265% Yearly Revenue Surge and Breakthrough in Generative AI Demand

Bruno T
Latest News
February 21 2024 11:43AM

The semiconductor giant Nvidia (NASDAQ:NVDA) recently reported revenue of $22.1 billion for the 4th quarter ended January 2024, an increase of 22% from the previous quarter and 265% over the same period last year.

For the quarter, diluted earnings per share were $4.93, up 33% from the previous quarter and 765% from the previous year. Total net income for the 4th quarter was $12.29 billion, up 33% for the quarter and 769% from the same period last year.

Analysts had expected earnings of $4.60 per share and revenue of $20.4 billion for the quarter. For the entire fiscal year of 2024, revenue increased by 126% to $60.9 billion.

Diluted earnings per share were $11.93, an increase of 586% from the previous year.

Total profit for the year was $29.76 billion, up 581% from fiscal year 2023.

“Accelerated computing and generative AI have reached a tipping point. Demand is increasing worldwide among companies, industries, and nations,” said Jensen Huang, founder and CEO of the company.

Recently, the company’s stock was up 6.86% in NY after-hours trading.