NVIDIA Posts Record $18.12 Billion Revenue Driven by AI Boom
NVIDIA reports massive third-quarter growth with revenue reaching $18.12 billion, fueled primarily by unprecedented demand for data center AI technologies.
NVIDIA reports record revenue of $18.12 billion for the third quarter of fiscal 2024, marking a 206% increase from the same period last year and a 34% jump from the previous quarter. The tech giant attributes this explosive growth to a massive industry shift toward accelerated computing and generative AI, with GAAP earnings per diluted share soaring more than twelve times compared to a year ago.
The company's Data Center segment drives this phenomenal success by generating $14.51 billion in revenue, which represents a staggering 279% year-over-year increase. Founder and CEO Jensen Huang highlights that while early adopters include large language model startups and cloud service providers, the next waves of adoption are rapidly emerging as nations, enterprise software companies, and traditional industries build custom AI solutions.
Looking ahead, NVIDIA provides an optimistic outlook for the fourth quarter with projected revenue of $20 billion, plus or minus two percent. Alongside these robust financial results, the company announces a quarterly cash dividend of $0.04 per share, reinforcing its position as a dominant force in the rapidly expanding generative AI era.