Nvidia reports record revenue

Nvidia has announced its financial results for the three-month period ending January 28, which it considers the fourth quarter of its 2024 fiscal year.

Accordingly, the company's revenue for the period rose by 265 percent year-on-year to reach a record $22.1 billion.

Nvidia, which also increased its revenue by 22 percent compared to the previous quarter, had generated $6.1 billion in revenue in the same quarter last year.

Market expectations were for Nvidia's revenue in this period to be $20.6 billion.

The chipmaker announced its revenue forecast for the current quarter as $24 billion.

769 PERCENT INCREASE

Nvidia's net profit also rose by 769 percent year-on-year in the quarter in question, reaching $12.29 billion. The company had recorded a profit of $1.41 billion in the same period last year.

The company's earnings per share, which were 57 cents in the fourth quarter of the previous fiscal year, rose to $4.93 in this period.

Nvidia Founder and CEO Jensen Huang stated in his remarks regarding the company's financial results: "Accelerated computing and generative AI have reached a tipping point. Demand is increasing across companies, industries, and nations worldwide."

As demand for artificial intelligence chips continues to rise, Nvidia's shares have gained over 36 percent in value since the beginning of the year, and the company's market capitalization has reached $1.67 trillion.

News Source: AA