NYREADERS.COM – Investors and analysts on Wall Street eagerly awaited the financial results of the giant chipmaker NVIDIA on Wednesday and the results announcement did not disappoint them.
NVIDIA, which has seen its value skyrocket over the past year due to soaring demand for its graphics chips used for artificial intelligence, announced record quarterly revenues of US$22.1 billion, up 22% from Q3 and soaring 265% from a year earlier.
The company booked net income of $12.29 billion in Q4 ended Jan. 28, 2024, up from $9.24 billion in the previous quarter and soaring from $1.41 billion in the same quarter last year. Meanwhile, its full-year net income jumped to $29.76 billion compared to $4.37 billion in the previous year.
The revenues were boosted by all business segments, namely Data Center, Gaming, Professional Visualization and Automotive.
The company’s specialized chips are seen as key components that help power different forms of artificial intelligence, including the latest generative AI chatbots such as ChatGP and Google’s Gemini.
The company, based in Santa Clara, California, reported that its quarterly Data Center revenue reached $18.4 billion, up 27% from Q3 and soaring 409% from a year ago. It also booked a record full-year revenue of $60.9 billion, soaring 126 percent from the previous year.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.
“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training, and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies,” Taiwan-born Jensen Huang said.
Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level, he added.
NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators, he said.
“The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” Jensen Huang added.
NVIDIA specializes in markets where its computing platforms can provide tremendous acceleration for applications. These platforms incorporate processors, interconnects, software, algorithms, systems and services to deliver unique value.
Its platforms address four large markets where our expertise is critical: Data Center, Gaming, Professional Visualization, and Automotive.