NVIDIA reported its fourth-quarter financial results for the fiscal year 2024 ending on January 28th, with record-breaking revenue of $22.103 billion, representing a 265% increase from the same quarter last year and a 27% increase from the previous quarter. The net profit according to GAAP accounting stood at $12.285 billion.
The primary growth driver was the Data Center group, which sells processing solutions for data centers. This segment generated revenue of $18.404 billion, accounting for 83% of NVIDIA’s total revenue. This marked a 409% increase from the previous year and a 27% increase from the prior quarter. Revenue from other business groups was as follows: Gaming group revenue was $2.865 billion, a 56% increase, while Professional Visualization group revenue reached $463 million, a 105% increase.
Jensen Huang, CEO, and founder of NVIDIA, emphasized the increasing demand for processing power for Generative AI workloads from users worldwide, across all industries. This underscores the need for data center platforms from customers ranging from cloud service providers to software developers and internet companies. Expenditures from various industries such as automotive, finance, and healthcare now amount to billions of dollars.
NVIDIA expects continued strong growth in the current quarter, forecasting revenue of approximately $24 billion, with an initial profit margin range of 76.3% to 77.0%, fluctuating by 50 basis points.
TLDR: NVIDIA reported record revenue and profit in Q4 FY2024, with significant growth driven by the Data Center group. The company anticipates continued growth in the coming quarter with projected revenue of $24 billion.
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