NVIDIA, a leading technology company, has recently announced its financial results for the fourth quarter of fiscal year 2023. The numbers are nothing short of impressive.
In Q4 2023, NVIDIA’s revenue surged to a staggering $22.1 billion, marking a remarkable 265% increase compared to the same period a year earlier. This substantial growth far exceeded Wall Street’s expectations, which had estimated revenue at $20.6 billion. The company’s net income also experienced a significant boost, rising from $1.41 billion to an impressive $12.29 billion during this quarter.
Diluted earnings per share (EPS) for Q4 2024 came in at $4.93, a substantial leap from the 57 cents reported a year earlier. This robust performance underscores NVIDIA’s continued dominance in the tech industry, particularly in areas like artificial intelligence (AI), gaming, and data centers.
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Jensen Huang, founder and CEO of NVIDIA, expressed optimism about the future: “AI is at an inflection point, setting up for broad adoption reaching into every industry. From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI.” He highlighted breakthroughs in generative AI and large language models as key drivers for NVIDIA’s success.
Furthermore, NVIDIA is actively partnering with leading cloud service providers to offer AI-as-a-service, providing enterprises access to its world-leading AI platform. Customers can engage with various layers of NVIDIA AI – from AI supercomputers to pretrained generative AI models – as cloud services. The company’s commitment to innovation extends beyond hardware; it aims to empower businesses across industries with cutting-edge AI solutions.
As NVIDIA continues to push boundaries and redefine what’s possible in technology, its impressive financial results demonstrate that it remains at the forefront of innovation and growth.
Nvidia $NVDA CEO says data center sales to China declined significantly.
Nvidia, the renowned chipmaker, has been at the forefront of technological advancements, particularly in artificial intelligence (AI), high-performance computing (HPC), and gaming. However, recent developments have highlighted both successes and challenges for the company, particularly concerning its data center sales in China.
In a recent earnings call, Nvidia CEO Jensen Huang revealed that the company’s data center sales to China have experienced a significant decline. Despite this setback, Nvidia remains committed to its Chinese customers and continues to ship chips to the country.
During the fiscal fourth quarter, which ended on January 28, 2024, Nvidia’s business in China saw a notable decline. Huang stated, “This last quarter, our business significantly declined as we…stopped shipping in the marketplace (for China).” The company recorded sales of $1.9 billion during this period.
Although data center sales to China dropped, Nvidia recognizes the importance of its Chinese customer base. In fiscal year 2023, approximately 19% of Nvidia’s data center revenue came from China. However, in fiscal year 2024, this share decreased to 14%. Despite the decline, China continues to be a significant market for Nvidia. Sales to Chinese companies are expected to account for 14% in Q1 FY2025.
The decline in sales can be attributed partly to U.S. government licensing requirements that impacted high-performance AI and HPC GPU sales to China. These restrictions affected Nvidia’s data center revenue but did not deter the company from serving its Chinese clientele.