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Nvidia’s Revenue Demonstrates Growth

Nvidia has released its financial results for the quarter ended October 29.

Nvidia’s Revenue Demonstrates Growth

For the mentioned period, the revenue of the specified company amounted to $18.12 billion. This indicator is 34% higher than the result of the previous quarter. Also, revenue is 206% more than the index, recorded for the same period in 2022.

In this case, a remarkable circumstance is that the final result significantly exceeded the expectations of Wall Street analysts. Their forecasts provided that the company to receive revenue equal to $16.18 billion. At the same time, Nvidia warned that in the next quarter, it will face the negative impact of export restrictions imposed by the authorities of the United States which are an obstacle to large-scale deliveries of products to consumers from China and some other countries.

Colette Kress, the company’s CFO, said in a letter to shareholders that in the fourth quarter of fiscal year 2024, the brand’s sales volumes in the states covered by the said Washington measures will decrease significantly, but the firm expects that the impact of this factor will be offset by growth in other regions. She also said that Nvidia is currently working with some customers in the Middle East and China to obtain government licenses for the supply of high-performance products. Moreover, Colette Kress said that the company is trying to create new products for data centers that comply with the norms of Washington policy and do not require the approval of the authorities, separately noting that she doubts the need for these developments in the fourth fiscal quarter.

Nvidia’s net profit for the quarter ended October 29 was fixed at $9.24 billion. A year earlier, this figure was equal to $680 million.

During the last quarter, Nvidia announced the GH200 GPU, which has more memory than the current H100, and an additional Arm processor. The company also announced that the Australian firm Iris Energy, the owner of data centers for bitcoin mining, is buying 248 H100 for $10 million.

As we have reported earlier, Nvidia CEO Characterizes India as Major AI Market.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.