Nvidia has just announced its financial results for the third quarter of 2024, the third quarter of the current year. Although it was already expected, the company has surprised everyone yet again and delivered record revenue for the third quarter of 2024. A record revenue of $18.12 billion has been reported. Compared to last year (Q3 2023), revenue was $5.9 billion then.
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According to Non-GAAP financial results figures, the annual increase is an astonishing 206%. Of course, the company's data center revenue led to this highly profitable Q3 2024. Record revenue of $14.51 billion (279% higher than a year ago) was primarily responsible for this quarter. Additionally, the company's operating and net income saw record growth of 652% and 588% respectively, which is simply astounding!
Analysts were expecting $16.18 billion in revenue for the third quarter of 2024. As you can see, the revenue of $18.12 billion for the third quarter of 2024 definitely beat the expectations. This is despite sanctions put forward by the US government, which prevent Nvidia from selling many of its advanced AI computer chips to China. More countries were added to this list as well (Via: Reuters).
"We expect our sales to these destinations to decline significantly in the fourth quarter of fiscal 2024, although we believe the decline will be more than offset by strong growth in other regions" – Collette Kress, Chief Financial Officer, Nvidia
