TL;DR: Nvidia has posted document income for the third quarter ending October 27, 2024, serving as additional proof that the age of AI is in full steam. For the three-month interval, Nvidia generated $35.1 billion in income. That is a rise of 17 % in comparison with the earlier quarter and a whopping 94 % greater than it introduced in throughout the identical interval a yr earlier.
Non-GAAP earnings per share have been $0.81 – up 19 % sequentially and 103 % from a yr in the past. For reference, analysts have been anticipating $33.2 billion in income and EPS of $0.74.
The overwhelming majority of Nvidia’s earnings got here from the information middle division, which generated $30.8 billion. That is up 17 % quarter over quarter and 112 % in comparison with Q3 2023. Gaming income within the quarter was $3.3 billion – a rise of 14 % versus final quarter and 15 % from a yr earlier.
Talking of gaming, it was simply over a month in the past that Nvidia celebrated the twenty fifth anniversary of the unique GeForce card, the GeForce 256. That legendary unit dropped on October 11, 1999, and was marketed because the world’s first GPU. Whereas not the primary aftermarket graphics card I might personal, it was the primary to be slotted into my first custom-built PC. I nonetheless keep in mind being stunned to see the energetic cooling resolution once I unboxed it. My, how time flies.
Shares in Nvidia are down 2.44 % on the earnings report as of this writing to $142.33, however are nonetheless up practically 195 % yr to this point and greater than 2,600 % during the last 5 years. Nvidia’s current success has additionally made CEO Jensen Huang one of many richest folks on the earth.
Wanting forward, Nvidia forecasts income of $37.5 billion (plus or minus two %) for the fourth quarter with gross margins between 73 % and 73.5 %. For comparability, Wall Road is anticipating $37 billion in income from Nvidia within the ultimate quarter of the yr.