Nvidia has been on a winning streak since last year and has shown aggressive growth in the third quarter of Fiscal Year 2024, which ended on 29 October. It reported record revenues of $18.1 billion and net profits of $9.2 billion.
For a company that started picking up its pace over a year ago, these numbers are indeed astonishing. It has resulted in a gain of 1260 % and 206 % year-over-year, with revenues in the triple digits.
According to CEO and Founder Jensen Huang, the rapid expansion is a reflection of the industry’s wide platform shift from general-purpose to accelerated computing and generative artificial intelligence.
That being said, the continuous growth in a company like Nvidia does not come as a surprise. The largest division of Nvidia was once again its data center division, with record revenues of $14.51 billion, up 279% over the same quarter last year.
Meanwhile, revenues from its gaming division reached $2.86 billion, increasing 81% year over year. The Professional Visualization and Automotive industries trailed behind, generating revenues of $416 million and $261 million, respectively, representing an increase of 108% and 4%.
Nvidia has pulled some impressive numbers in the first three quarters of 2023. However, the upcoming quarter might tell a different story entirely, with U.S.-specific restrictions on China and some other Middle Eastern countries. That is going to play a major role in Nvidia’s overall revenue.
Still, the company is optimistic and hopes to make up for the lower sales through growth in other areas. Through incredible profits on H100 GPUs and projected revenue of $300 billion from AI, the company expects to compensate for these bans.
Additionally, it will continue to play a role in the gaming industry, recently confirming that it does not intend to become an AI-only business.
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