NVIDIA triples revenue and 13 times net income on demand for AI chips

In the third quarter of fiscal year 2024, NVIDIA reported revenue of $18.12 billion, a 206% increase over the same period last year.

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The company reported net income of $9.24 billion, or $3.71 per share. Last year it was $680 million, or $0.27 per share. Thus, for 12 months the net profit of the company increased by 1259%.

The data centre division generated revenue of $14.51 billion, delivering 279% growth. Most of the increase in revenue was due to strong demand for NVIDIA's AI chips.

The gaming division earned $2.86 billion in revenue, up 81%.

NVIDIA expects to earn $20bn next quarter. The company expects chip shipments to decline due to US export restrictions against China, but this is being offset by growing demand in other regions.

Against this background, the value of NVIDIA shares fell by 1%.

Source: NVIDIA