Nvidia reported that it earned a net income of $ on revenues of $30 billion in the quarter ending July 28, 2024. Those figures represent gains of 168 percent and 122 percent year-over-year (YOY), and the revenue figure is a record.
“Nvidia achieved record revenues as global data centers are in full throttle to modernize the entire computing stack with accelerated computing and generative AI,”
Nvidia founder and CEO Jensen Huang said. “Across the entire stack and ecosystem, we are helping frontier model makers to consumer internet services, and now enterprises. Generative AI will revolutionize every industry.”
Nvidia’s Datacenter business delivered $26.3 billion in revenues, a record, and a gain of 154 percent YOY. Gaming and AI PC provided $2.9 billion in revenues, up 16 percent YOY. Professional Visualization added $454 million in revenues, up 20 percent YOY. And Automotive and Robotics brought in $346 million in revenues, up 37 percent YOY.
The firm beat expectations at every point, but its forecast for the current quarter–still impressive by any standard–disappointed investors, sending the chipmaker’s stock price tumbling 8.4 percent Wednesday night. Granted, expectations for the future were likely overblown: Nvidia can’t maintain 200+ percent growth forever.
www.thurrott.com
