Jensen Huang, Nvidia

Nvidia sees revenue nearly quadruple in Q4 2023

Latest quarterly results break records as AI booms
Jensen Huang, Nvidia

22 February 2024

Nvidia’s has reported fourth-quarter revenues for its fiscal year 2024 of $22 billion, up from $6 billion on the same period in 2023. The reason? Despite being synonymous with graphics processing units, this quarter’s success can be attributed to the performance of the company’s data centre division whose success has been driven by the huge demands of artificial intelligence.

Nvidia’s pivot from GPU to AI wasn’t by design. In recent years gaming revenue and data centre revenue were roughly the same. In the most recent quarter the data centre division brought in $18 billion, six times more than its traditional business in gaming.

“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 centre platform is powered by increasingly diverse drivers – demand for data processing, training and inference from large cloud-service providers and GPU-specialised ones, as well as from enterprise software and consumer internet companies. Vertical industries – led by auto, financial services and healthcare – are now at a multibillion-dollar level.

“Nvidia RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. 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.”

The big question now is can Nvidia continue to grow at the same amazing pace? Nvidia itself estimates that revenue for the next fiscal quarter will be $24 billion. That would represent a flattening of growth, but is higher than what analysts had estimated.

The market has reacted well to the news with Nasdaq trading at €735 after hours.

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