Nvidia Revenues Surged 265 Percent in Q4

Nvidia reported that it earned a net income of $12.3 billion on revenues of $22.1 billion in the quarter ending December 31, 2023. Those figures represent gains of 769 percent and 265 percent year-over-year (YOY), respectively.

Nvidia also reported the results for the fiscal year, in which it earned a net income of $29.8 billion on revenues of $60.9 billion, gains of 581 percent and 126 percent YOY, respectively.

“Accelerated computing and generative AI have hit the tipping point,” Nvidia CEO Jensen Huang said of the spectacular results. “Demand is surging worldwide across companies, industries, and nations.”

Nvidia’s Data Center business led the charge in the quarter with $18.4 billion in revenues, up 27 percent YOY. And full-year revenue jumped 217 percent to a record $47.5 billion. Huang cited “diverse drivers” for this success, including ongoing demand from large cloud service providers, GPU-specialized cloud service providers, enterprise software companies, and consumer Internet companies. Vertical industries that include auto, financial services, and healthcare are now at “a multi-billion-dollar level,” Nvidia added.

The company’s Gaming business added another $2.9 billion in revenues in the quarter (up 56 percent YOY) and $10.4 billion for the full fiscal year (up 15 percent). And Professional Visualization and Automotive brought up the rear, with quarterly revenues of $463 million (up 105 percent YOY) and $281 million (down 4 percent YOY), respectively, and annual revenues of $1.6 billion (up 1 percent YOY) and $1.1 billion (up 21 percent YOY), respectively.

The earnings beat expectations, and Nvidia helped goose its stock price further by announcing that revenues in the current quarter would be even better than its previous projections.