Nvidia Announces Financial Results

Nvidia disclosed financial results for the three-month period ended 28 January, which the company recognises as the fourth quarter of fiscal year 2024. The company's revenue for the period reached USD 22.1 billion, marking a record with annual growth of 265%. Nvidia increased its revenue by 22% compared to the previous quarter, having generated USD 6.1 billion in revenue in the same quarter of the previous year. Market expectations had been for Nvidia's revenue in this period to reach USD 20.6 billion. The chip manufacturer set its revenue guidance for the current quarter at USD 24 billion.

Profit surges 769%

Nvidia's net profit in the quarter rose to USD 12.29 billion, representing annual growth of 769%. The company had generated profit of USD 1.41 billion in the same period of the previous year. The company's earnings per share, which stood at 57 cents in the fourth quarter of the previous fiscal year, reached USD 4.93 in this period.

Artificial intelligence reaches critical threshold

Nvidia Founder and Chief Executive Officer Jensen Huang made the following statement regarding the company's financial results: "Accelerated computing and generative artificial intelligence have reached a critical threshold. Demand is growing across companies, industries and countries worldwide." Artificial intelligence chip demand continues to rise, and Nvidia's shares have gained over 36% since the start of the year, with the company's market value reaching USD 1.67 trillion. Source