Nvidia posts record revenue

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Nvidia has reported a record-breaking revenue, showcasing a significant surge in its financial performance, particularly driven by its booming AI business. For the fourth quarter ended January 28, 2024, Nvidia announced a quarterly revenue of $22.1 billion, which is a 22% increase from the previous quarter and a staggering 265% increase from the same period a year ago. The company's net income for the quarter was an impressive $12.29 billion, or $4.93 per share, which is up 769% compared to last year's $1.41 billion, or 57 cents per share135. The substantial growth in revenue and net income is attributed to strong sales of AI chips for servers, particularly Nvidia's "Hopper" chips such as the H100. The Data Center business, which now forms the majority of Nvidia's revenue, saw a 409% increase to $18.40 billion. Over half of the data center sales were to large cloud providers. Despite recent U.S. restrictions on exporting advanced AI semiconductors to China, Nvidia has managed to reconfigure its products to comply with the regulations, which initially impacted the data center revenue1. Nvidia's CEO, Jensen Huang, expressed confidence in the company's continued growth, citing the high demand for GPUs due to generative AI and an industry-wide shift. He also mentioned that the conditions are excellent for growth in 2025 and beyond. The company's CFO, Colette Kress, indicated that while supply of AI GPUs is improving, the next-generation chip, called B100, is expected to be supply-constrained due to demand far exceeding supply1. The company's other business segments also reported growth, albeit not as dramatic as the Data Center business. The gaming business, which used to be Nvidia's primary business before AI chips took off, was up 56% year over year to $2.87 billion. The professional visualization business rose 105% to $463 million, while the automotive business declined 4% to $281 million. The OEM and other business, which includes crypto chips, rose 7% to $90 million1. For the full fiscal year 2024, Nvidia's revenue was up 126% to $60.9 billion, with GAAP earnings per diluted share at $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share were $12.96, up 288% from the previous year3. Nvidia's financial outlook for the first quarter of fiscal 2025 is also positive, with expected revenue of around $24.0 billion, surpassing analysts' expectations. The company's shares rose about 10% in extended trading following the earnings announcement14. In summary, Nvidia's record revenue and net income are a testament to the company's strong position in the semiconductor industry, driven by its innovative AI and GPU technologies. The company's ability to navigate challenges such as supply constraints and export restrictions, while continuing to innovate and meet the surging demand for AI applications, has contributed to its impressive financial performance.
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