Nvidia achieves record revenue on back of demand for genAI

Here are three key takeaways from the fourth quarter and full 2024 fiscal year results of US-based chipmaker Nvidia:

1. Record quarterly and annual revenue

Quarterly revenue of US$22.1 billion represents a 22% increase from the previous quarter and a 265% growth from the same period last year. The company also reported record full-year revenue of US$60.9 billion, a 126% increase from FY 2023.

Jensen Huang, CEO of Nvidia, attributed the results to heightened demand for “accelerated computing and generative AI,” which he said have “hit the tipping point.”

2. GAAP earnings for the quarter up 765% year on year

GAAP earnings per diluted share was US$4.93, which also marked a 33% increase from the previous quarter. For the full fiscal year, the company’s GAAP earnings per diluted share stood at US$11.93, a 586% surge from the previous period.

3. US$24 billion in revenue expected for Q1 FY2025

For the first quarter of the next fiscal year, Nvidia expects GAAP operating expenses to be around US$3.5 billion, compared to US$3.2 billion this quarter.

Following the announcement of these results, Nvidia’s shares rose by over 9% in after-hours trading.

This article was written with the help of AI.