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Nvidia’s Revenue Triples in Latest Quarter, Exceeding Forecasts

ByEditor

Nov 22, 2023

Nvidia has released its financial results for the third quarter of 2024, reporting revenue of $18.12 billion and a profit of $4.02 per share, beating analysts’ forecasts. The company’s profits grew by 206% compared to the same quarter last year, with a net profit of $9.24 billion. Nvidia’s stock experienced a 0.5% drop in late trading.

The company’s investor letter mentioned an expected significant drop in sales to China in the last quarter of the year, but predicted that strong growth in other regions would compensate for this. Despite a 2.3% increase in stock trading the previous night and an all-time high of $504 per share, the stock ended with a 0.9% drop in late trading.

Since the beginning of the year, Nvidia has seen significant achievements, with a 250% increase in stock value and a market value of $1.25 trillion. The company remains a dominant force in the GPU chip market for artificial intelligence, although analysts anticipate competition concerns from companies like AMD and potential impacts of restrictions in China.

The company continues to navigate trade restrictions, developing dedicated chips for China to comply with US policy. Analysts expect questions about the recent leadership shakeup at OpenAI, a major purchaser of Nvidia’s processors.

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By Editor

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