NVIDIA Q3 FY2024 summary: A remarkable surge in revenue and profits

On November 21, NVIDIA announced revenue of USD 18.12 billion for the third quarter of fiscal year 2024, which ended October 29, 2023, up 206% from the previous quarter and up 34% from the previous quarter. GAAP earnings per diluted share for the quarter were USD 3.71, up more than 50% from the previous quarter and up more than 12 times from the same quarter a year ago. Non-GAAP earnings per diluted share were USD 4.02, up 49% from the previous quarter and up 6 times more from the same quarter a year ago.

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA.

In the third quarter of FY24, the company has demonstrated a remarkable financial performance Revenue soared to USD 18.12 billion, reflecting a remarkable 34% increase quarter-over-quarter and an exceptional 206% surge year-over-year, underscoring robust market demand. The gross margin witnessed a noteworthy improvement, reaching 74.0%, a 390 basis points increase from the previous quarter and a substantial 2040 basis points surge from Q3 FY23. Operating income surged by 53%, reaching USD 10.42 billion, showcasing the company’s ability to translate top-line growth into improved profitability. Net income also experienced a significant uptick, reaching USD 9.24 billion, a 49% increase from the previous quarter and an impressive 1,259% surge from the same period last year.

Read: Nvidia gains USD 220 billion in a month

On the Non-GAAP basis, Operating income surged impressively by 49% quarter-over-quarter, reaching USD 11.56 billion, and exhibited an outstanding 652% year-over-year growth from USD 1.54 billion in Q3 FY23. Similarly, net income experienced a remarkable 49% increase from the previous quarter, reaching USD 10.02 billion, and an exceptional 588% surge compared to the third quarter of the previous fiscal year, where it stood at USD 1.46 billion.

Q4 Outlook

NVIDIA’s outlook for the fourth quarter of fiscal 2024 is as follows:

Segment wise Revenue

• Data Centre: For the third quarter, revenue reached a record high of USD 14.51 billion, representing a 41% increase from the previous quarter and a staggering 279% growth from the same period last year.
• Gaming: The gaming segment continued its impressive growth trajectory, with third-quarter revenue reaching USD 2.86 billion. This marks a 15% increase from the previous quarter and an 81% surge from the year-ago quarter.
• Professional Visualization: Revenue for the professional visualization segment also exhibited strong growth, reaching USD 416 million in the third quarter. This translates to a 10% increase from the previous quarter and a remarkable 108% growth from the same period last year.
• Automotive: Despite facing challenges in the global automotive industry, the automotive segment maintained its positive momentum, with third-quarter revenue reaching USD 261 million. This represents a 3% increase from the previous quarter and a 4% growth from the year-ago quarter.

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