NVIDIA Smashes Records with $22.1B Quarterly Revenue Driven by AI
NVIDIA reports massive growth for the fourth quarter of fiscal 2024, earning $22.1 billion in revenue largely due to surging data center demand. CEO Jensen Huang declares that accelerated computing and generative AI have officially reached a global tipping point.
NVIDIA announces record-breaking financial results for the fourth quarter of fiscal 2024, bringing in $22.1 billion in revenue. This figure represents a 22% increase from the previous quarter and a staggering 265% surge compared to the same period last year. The company's full-year revenue also hits a new high of $60.9 billion, marking a 126% jump from fiscal 2023.
The data center segment drives this unprecedented growth, generating $18.4 billion in quarterly revenue and climbing 409% year over year. CEO Jensen Huang attributes this massive demand to the global tipping point of accelerated computing and generative AI. He notes that cloud-service providers, enterprise software companies, and vertical industries like automotive and healthcare all contribute to this multibillion-dollar platform.
NVIDIA's profitability scales alongside its revenue, with GAAP earnings per diluted share reaching $4.93 for the quarter. The company also highlights the success of its RTX platform, which now boasts 100 million gamers and creators using it for generative AI. Additionally, NVIDIA declares a quarterly cash dividend of $0.04 per share, payable in late March to shareholders of record.