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Nvidia reports record Q3 results driven by surging demand for AI
22.11.2023 - 00:45 / venturebeat.com / Ai
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Nvidia reported record revenue today for its third fiscal quarter of fiscal 2024 (ending October 31, 2023), beating Wall Street’s expectations.
The graphics processing unit (GPU) and AI chip company reported record Q3 revenue of $18.2 billion, up 206% year-over-year and 34% sequentially. Nvidia’s data center segment grew 279% annually and 41% sequentially to $14.51 billion, representing 79% of total revenue for Q3.
GAAP earnings per diluted share for the quarter were $3.71, up more than 12x from a year ago and up 50% from the previous quarter. Non-GAAP earnings per diluted share were $4.02, up nearly 6x from a year ago and up 49% from the previous quarter.
“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” said CEO Jensen Huang, in a statement. “Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries.”
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He added, “Nvidia GPUs, CPUs, networking, AI foundry services and Nvidia AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off.”
Huang recently returned to the Denny’s restaurant in San Jose, California, where Nvidia began as a startup. Now its value is at $1.23 trillion.
Nvidia data center segment includes server GPUs, networking and AI cloud software.
Analysts expected Nvidia to report revenues of $16.18 billion for the October quarter, with earnings per share of $3.37.
For the fourth fiscal quarter ending January 31, 2024, they expect revenues of $17.86 billion and earnings per share of $3.77 a share. Nvidia’s after-hours stock price is $495.55 a share, down less than 1%.
Nvidia said its own outlook for the fourth quarter of fiscal 2024 is that revenue is expected to be $20 billion, plus or minus 2%. GAAP and non-GAAP gross margins are expected to be 74.5% and 75.5%, respectively, plus or minus 50 basis points.
GAAP and non-GAAP operating expenses are expected to be approximately $3.17 billion and $2.20 billion, respectively. GAAP and non-GAAP other income and expense are expected to be an income of approximately $200 million,
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