{"id":7131,"date":"2024-02-21T21:58:45","date_gmt":"2024-02-21T21:58:45","guid":{"rendered":"https:\/\/demo5.dedicatedhost247.com\/zexo\/nvidia-posts-record-revenue-up-265-on-booming-ai-business\/"},"modified":"2024-02-21T21:58:45","modified_gmt":"2024-02-21T21:58:45","slug":"nvidia-posts-record-revenue-up-265-on-booming-ai-business","status":"publish","type":"post","link":"https:\/\/demo5.dedicatedhost247.com\/zexo\/nvidia-posts-record-revenue-up-265-on-booming-ai-business\/","title":{"rendered":"Nvidia posts record revenue up 265% on booming AI business"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107373743\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Nvidia CEO Jensen Huang attends a media roundtable meeting in Singapore on Dec. 6, 2023.<\/p>\n<p>Edgar Su | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/NVDA\/\">Nvidia<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> reported <a href=\"https:\/\/investor.nvidia.com\/news\/press-release-details\/2024\/NVIDIA-Announces-Financial-Results-for-Fourth-Quarter-and-Fiscal-2024\/\" target=\"_blank\" rel=\"noopener\">fourth fiscal quarter earnings<\/a> that beat Wall Street&#8217;s forecast for earnings and sales, and said that revenue during the current quarter would be better than expected, even against elevated expectations for massive growth. <\/p>\n<p>Nvidia shares rose about 6% in extended trading. <\/p>\n<p>Here&#8217;s what the company reported compared with what Wall Street was expecting for the quarter ending in January, based on a survey of analysts by LSEG, formerly known as Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings:<\/strong> $5.16 per share, adjusted, versus $4.64 per share expected.<\/li>\n<li><strong>Revenue:<\/strong> $22.10 billion, versus $20.62 billion expected.<\/li>\n<\/ul>\n<p>Nvidia said it expected $24.0 billion in sales in the current quarter. Analysts polled by LSEG were looking for $5.00 per share on $22.17 billion in sales.\u00a0<\/p>\n<p>Nvidia reported $12.29 billion in net income during the quarter, or $4.93 per share, up 769% versus last year\u2019s $1.41 billion or 57 cents per share.\u00a0<\/p>\n<p>Nvidia has been the primary beneficiary of the recent technology industry obsession with large artificial intelligence models, which are developed on the company&#8217;s pricey graphics processors for servers. <\/p>\n<p>Nvidia&#8217;s total revenue rose 265% from a year ago, based on strong sales for AI chips for servers, particularly the company&#8217;s &#8220;Hopper&#8221; chips like the H100, it said. <\/p>\n<p>&#8220;Strong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services, and healthcare,&#8221; the company said in commentary provided to investors. <\/p>\n<p>Those sales are reported in the company&#8217;s Data Center business, which now comprises the majority of Nvidia&#8217;s revenue. Data center sales were up 409% to $18.40 billion. Over half of the company&#8217;s data center sales went to large cloud providers.<\/p>\n<p>Nvidia said its data center revenue was hurt by <a href=\"https:\/\/www.cnbc.com\/2023\/10\/17\/us-bans-export-of-more-ai-chips-including-nvidia-h800-to-china.html\">recent U.S. restrictions<\/a> on exporting advanced AI semiconductors to China. <\/p>\n<p>The company&#8217;s gaming business, which includes graphics cards for laptops and PCs, was merely up 56% year-over-year to $2.87 billion. Graphics cards for gaming used to be Nvidia&#8217;s primary business before its AI chips started taking off, and some of Nvidia&#8217;s graphics cards can be used for AI. <\/p>\n<p>Nvidia&#8217;s smaller businesses did not show the same meteoric growth. Its automotive business declined 4% to $281 million in sales, and its OEM and other business, which includes crypto chips, rose 7% to $90 million. Nvidia&#8217;s business making graphics hardware for professional applications rose 105% to $463 million.<\/p>\n<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Nvidia CEO Jensen Huang attends a media roundtable meeting in Singapore on Dec. 6, 2023. Edgar Su | Reuters Nvidia reported fourth fiscal quarter earnings that beat Wall Street&#8217;s forecast for earnings and sales, and said that revenue during the current quarter would be better than expected, even against elevated expectations for massive growth. Nvidia [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[46],"tags":[9199,9968,261,559,3782,1325,1036,52,199,730,9290,560,2986,8490,2816,617,653,1330,304],"jetpack_featured_media_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107373743-17079337092023-12-06t065217z_63427081_rc2er4aejroy_rtrmadp_0_nvidia-china.jpeg?v=1708547556&w=1920&h=1080","_links":{"self":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7131"}],"collection":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/comments?post=7131"}],"version-history":[{"count":0,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/posts\/7131\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media\/7132"}],"wp:attachment":[{"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/media?parent=7131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/categories?post=7131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo5.dedicatedhost247.com\/zexo\/wp-json\/wp\/v2\/tags?post=7131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}