Nvidia reports record quarterly, annual revenues driven by growing AI demand
Date
2/22/2024 3:23:52 AM
(MENAFN) Nvidia, the US-based global chipmaker, announced record quarterly and full-year revenues driven by surging demand for artificial intelligence (AI), as detailed in its financial results statement released late Wednesday.
For the fourth quarter ending Jan. 28, 2024, Nvidia reported record revenue of USD22.1 billion, representing a remarkable 265 percent increase from USD6.05 billion in the same period of the previous year. Total revenue for the full fiscal year of 2024 reached a record high of USD60.9 billion, up 126 percent from almost USD27 billion in the preceding fiscal year.
The company experienced record quarterly Data Center revenue of USD18.4 billion, which soared 409 percent from the corresponding period of the previous year. Full-year Data Center revenue also witnessed a significant surge of 217 percent during the same period, reaching a record level of USD47.5 billion.
Net income saw a substantial increase of 769 percent to almost USD12.3 billion in the fourth quarter ended January this year, compared to approximately USD1.4 billion in the same period of the prior year.
These record financial results come amid booming global demand for AI technology. Nvidia's graphics processing units (GPUs) are utilized by over 40,000 firms for AI applications, catering to data scientists, application developers, and software engineers working with generative AI.
In addition, Nvidia unveiled plans in collaboration with digital communications tech conglomerate Cisco Systems to facilitate the quick and efficient deployment and management of secure AI infrastructure for enterprises, as highlighted in the statement.
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