[News] NVIDIA Reports Record-Breaking 265% Revenue Growth in Latest Financial Report

2024-02-22 Semiconductors editor

NVIDIA, a global AI chip giant, has released its financial report on February 21st, surpassing profit and sales expectations with a remarkable 265% revenue growth, marking a historic high. Moreover, the company anticipates revenue for the current quarter to exceed expectations.

NVIDIA Announces Fourth Quarter Revenue of USD 22.1 billion, exceeding expectations of USD 20.62 billion. As per data from the London Stock Exchange Group (LSEG), adjusted earnings per share for the fourth quarter stand at USD 5.16, surpassing expectations of USD 4.64 per share.

Furthermore, NVIDIA anticipates sales of USD 24 billion for the current quarter. Analysts of LSEG project earnings per share of USD 5.00 and sales of USD 22.17 billion. Net profit for the quarter amounts to USD 12.29 billion, or USD 4.93 per share, marking a 769% increase from the same period last year, when it was USD 1.41 billion, or USD 0.57 per share.

NVIDIA attributed its 265% revenue growth compared to a year ago to robust sales of server artificial intelligence chips, especially its “Hopper” chips like the H100.

According to reports cited by Liberty Times Net, NVIDIA CEO Jensen Huang, during a conference call with industry analysts, addressed concerns among investors about the company’s ability to sustain this level of growth or sales throughout the year.

Huang told analysts that, ‘Fundamentally, the conditions are excellent for continued growth’ in 2025 and beyond.  He further cited strong underlying conditions driven by generative AI and a broader industry trend shifting toward accelerators of NVIDIA. This shift is expected to maintain high demand for the company’s GPUs.

Previously, as reported by Economic Daily News, when discussing the major trends in AI, Huang pointed out that AI will operate in smartphones, computers, robots, automobiles, as well as in the cloud and data centers. Huang emphasized that NVIDIA is a pioneer in accelerating computation and AI computing, and in the next decade, he envisions a reshaping of computation, with every industry being impacted.

Analysts cited in the report from Liberty Times Net anticipate that major supplier TSMC’s capacity expansion in advanced packaging in the first half of the year will help NVIDIA overcome core supply bottlenecks and provide more chips to customers.

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(Photo credit: NVIDIA)

Please note that this article cites information from Liberty Times Net and Economic Daily News.