What simply occurred? Nvidia reported file gross sales and an enormous income spike for the fiscal yr 2024 that have been fueled by the worldwide AI growth. The corporate’s whole earnings for the ultimate quarter of 2023 got here in at $22.1 billion, marking a 22 % enhance from the earlier quarter and a staggering 265 % rise over the identical interval in 2022.
The results far exceeded the consensus forecast by Wall Avenue analysts and helped the corporate’s whole annual income hit $60.9 billion, a 126 % enhance over 2022. Because of the skyrocketing revenues and wholesome revenue margins, Nvidia’s earnings per share (EPS) additionally improved drastically, with GAAP EPS hitting $11.95, up 586 % from the earlier yr. Non-GAAP EPS got here in at $12.96, marking a 288 % enhance over 2022.
The vast majority of the expansion got here from the corporate’s AI-driven initiatives inside the Information Heart platform, which generated $18.4 billion in revenues. The numbers symbolize a 27 % enhance from Q3 and an eye-watering 409 % progress over the identical interval in 2022. With a lot money to burn, Nvidia introduced plans to pay a quarterly money dividend of $0.04 per share on March 27, 2024, to all shareholders of file on March 6, 2024.
In an announcement, Nvidia founder and CEO Jensen Huang mentioned, “Accelerated computing and generative AI have hit the tipping level,” growing demand for GPUs throughout a number of industries and geographies. The corporate’s GPUs have turn out to be the go-to platform for generative AI, leading to sustained excessive GPU costs which can be infuriating players worldwide.
Huang additionally teased Nvidia’s upcoming merchandise, stating that the corporate plans to introduce “main new product cycles with distinctive improvements” this yr. He revealed that extra particulars concerning the firm’s future product roadmap can be introduced at subsequent month’s GPU Expertise Convention (GTC), the place he’ll give a keynote speech on March 21.
In accordance with an earlier announcement from Nvidia, the upcoming GTC will cowl “AI, the metaverse, cloud applied sciences, and sustainable computing,” however there is not any official phrase on whether or not the corporate can have something in retailer for players. That being mentioned, rumors counsel that the RTX 4070 would possibly debut in late April, so will probably be attention-grabbing to see if the corporate reveals one thing about it at subsequent month’s occasion.
