Technology Nvidia's quarterly earnings explode by 206% year-over-year, hit $18.1 billion on AI frenzy

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Nvidia on Tuesday published its financial results for the third quarter of its fiscal 2024, which ended on October 29, 2023. The company earned $18.12 billion, setting yet another all-time record as demand for all of its products increased both sequentially and year-over-year. In line with the previous quarter, Nvidia's data center business shined due to unprecedented demand for its GPUs used for artificial intelligence (AI) and high-performance computing (HPC).

Nvidia reported $18.12 billion in revenue for the quarter, which is up 206% year-over-year (YoY), as well as net income of $9.243 billion, which is up a whopping 1,259% compared to the same quarter a year before. The company's gross margin rose to 74%, which is a 20.4% increase YoY.

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of Nvidia.
 

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