NVIDIA’s Q3 Earnings Soar Beyond Expectations with a $35.1B Revenue Boost
NVIDIA Corporation has announced a record-breaking quarterly revenue of $35.1 billion for the third quarter, which concluded on October 27, 2024. This signifies a 17% rise from the preceding quarter and an impressive 94% leap from the same period last year.
The AI chip titan revealed adjusted earnings of 81 cents per share, outperforming analyst predictions of 75 cents. The company’s data center business was at the forefront of this growth, generating an all-time high revenue of $30.8 billion, a 112% increase from the previous year.
CEO Jensen Huang, during the earnings call, stressed that “the age of AI is in full steam“, underlining the robust momentum in the adoption of agentic AI to revolutionize workflows.
NVIDIA has given an optimistic forecast for the fourth quarter, anticipating revenue of approximately $37.5 billion, plus or minus 2%, exceeding analyst expectations of $37.08 billion.
The company has initiated shipping its next-generation Blackwell platform to clients, including industry giants like Microsoft, Oracle, and OpenAI. This move positions NVIDIA well for sustained growth amidst the artificial intelligence boom.
Source: NVIDIA News