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.
