NVIDIA announces financial results for the third fiscal quarter of fiscal year 2024
NVIDIA has announced its financial results for the third quarter of the 2024 fiscal year (ending October 29, 2023), marking yet another record-breaking revenue achievement. Mr. Jensen Huang, the founder and CEO of NVIDIA, commented that the robust growth reflects a broad industry shift from general-purpose to accelerated computing and generative artificial intelligence.
Mirroring the previous quarter, the data center business shone brightly again, propelled by unprecedented demand for Artificial Intelligence (AI) and High-Performance Computing (HPC). It is understood that approximately 20% to 25% of NVIDIA’s data center revenue stems from Chinese customers.
The financial report revealed that NVIDIA’s revenue for the third quarter of fiscal 2024 stood at $18.12 billion, a year-over-year increase of 206% and a quarter-over-quarter increase of 34%. Net profits soared to $9.243 billion, up 1259% year-over-year and 49% quarter-over-quarter. The gaming business generated $2.86 billion in revenue, up 81% year-over-year and 15% quarter-over-quarter. The data center business outperformed, with revenues of $14.51 billion, far exceeding last year’s $3.8 billion and surpassing market expectations of $12.7 billion, marking a year-over-year increase of 324% and a quarter-over-quarter increase of 38%. The visualization business earned $416 million, up 108% year-over-year and 10% quarter-over-quarter. The automotive business brought in $261 million, a 4% increase year-over-year and 3% quarter-over-quarter. OEM business revenue was steady at $73 million, consistent with the same period last year and up $7 million from the previous quarter. Additionally, NVIDIA’s gross margin was 74%, a significant rise of 20.4 percentage points from the same period last year’s 53.6%, and up 3.9 percentage points from the previous quarter’s 70.1%.
Looking ahead to the fourth quarter of the 2024 fiscal year, NVIDIA anticipates continued revenue growth, expecting to reach $20 billion, with a positive or negative fluctuation of 2%, exceeding market expectations of $16.38 billion. Moreover, the gross margin is projected to be around 74.5%, with a possible variance of 50 basis points.
