Nvidia has released its financial report for Q3 2024, marking the third quarter of the ongoing year. Surpassing expectations, the company has once again astonished observers by achieving a remarkable revenue milestone of $18.12 billion for Q3 2024. This figure starkly contrasts with the $5.9 billion revenue recorded during the same period last year (Q3 2023).
Based on the Non-GAAP financial metrics, the year-over-year increase stands at an astounding 206%. The exceptional performance of the company’s data center segment primarily drove this incredibly profitable quarter, generating a record revenue of $14.51 billion (up by 279% compared to a year ago). Additionally, Nvidia’s operating and net incomes experienced extraordinary growth, surging by 652% and 588%, respectively, a truly staggering achievement!
Exceeding analyst projections of $16.18 billion for Q3 2024, Nvidia’s revenue of $18.12 billion notably surpassed expectations. Notably, this achievement occurred amid challenges posed by US government sanctions, which restricted Nvidia from selling several high-end AI computing chips to China. Furthermore, additional countries were included in this restrictive list, as reported by Reuters.
"We expect a significant decrease in sales to these regions in the fourth quarter of fiscal 2024. However, we are confident that this decline will be counterbalanced by robust growth in other regions," stated Collette Kress, Chief Financial Officer at Nvidia.
Nvidia highlighted partnerships with industry leaders in various AI initiatives, including collaborations with Lenovo, Infosys, Tata Group, Reliance Industries, Dropbox, Foxconn, among others. Regarding gaming, Q3 2024 showcased impressive growth, recording an 81% year-over-year increase, reaching $2.86 billion.
Nvidia’s earnings call emphasized the launch of DLSS 3.5 ray reconstruction, their latest AI-driven image enhancement technology designed to elevate the visual quality of ray-tracing-based graphical elements in contemporary games. Additionally, the company spotlighted the inclusion of 56 DLSS-supported games and an extensive library of 1700 titles available on the GeForce Now platform.
What’s your take on Nvidia’s substantial earnings in Q3 2024? Do express your thoughts in the comments section below!
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