Today Nvidia released its latest earnings report. Although the company reported significant gains, shares today dropped 1% in premarket trading.
Today, Nvidia Corp. reported that its revenue for the third quarter ended on October 27, 2024. According to Nvidia’s report, the current quarter’s highlights included:
Quarterly revenue of $35.1 billion, up 17% from Q2 an increase of 94% from last year.
Quarterly Data Center revenue of $30.8 billion, up 17% from Q2 an increase of 112% from last year.
Announcement of the availability of NVIDIA Hopper H200-powered instances in several cloud services, including AWS, CoreWeave and Microsoft Azure, with Google Cloud and Oracle Cloud Infrastructure – coming soon.
The company projects its fourth-quarter revenue to be $37.5 billion, plus or minus 2%.
Jensen Huang, founder and CEO of NVIDIA, said, “The age of AI is in full steam, propelling a global shift to NVIDIA computing. ” He assured investors, “Demand for Hopper and anticipation for Blackwell—in full production—are incredible as foundation model makers scale pretraining, post-training, and inference.”
“AI is transforming every industry, company, and country,” said Huang. “Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure.”
Nvidia’s CFO, Colette Kress, stated, “The strong year-on-year and sequential growth was driven by demand for our Hopper computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications. Cloud service providers represented approximately 50% of our Data Center revenue, and the remainder was represented by consumer internet and enterprise companies.”
Investors fear that Nvidia will be unable to keep up with continual growth after the company’s shares rose 200% this year. Wall Street predictions were well above the reported statistics, with some experts predicting sales to reach $41 billion in Q4.
By CEO NA Editorial Staff
