AI darling Nvidia (NVDA) reported that revenues surged by 265% to $22bn (£17.4bn) in the three months to 28 January, compared to a year earlier.
For the year as a whole, turnover more than doubled to $60.9bn. Nvidia also forecast a 233% jump in its quarterly revenues for the current quarter, beating analysts’ estimates.
The chief executive and company founder Jensen Huang said: “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.”
Nvidia shares jumped 10% in after hours trading.
Josh Gilbert, market analyst at trading platform eToro, said: “Nvidia reasserted its place in the Magnificent 7 with another blowout quarter showing that AI use cases are exploding, and the AI boom is showing no signs of slowing down.The big question for investors is, can this continue?
“Put simply, yes. Nvidia continues to deliver in every way, and its results show there is still plenty of growth ahead. This isn’t just a flash in the pan, nor a bubble, but a business that continues to make serious cash.Despite the risks from issues in China and ongoing competition, that can pose headwinds moving forward, Nvidia raised its guidance for the next quarter to $24bn in revenue, putting it on track to nearly $100bn in sales over the next year.”
Nvidia said gross profit for the final three months of its financial year rose by 338% to $16.8bn. Annual gross profit rose by 188% to $44.3bn.
Read how Nvidia’s Q4 earnings set the stage for further dominance
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
