Nvidia Revenues Record $60 Billion as Demand for Artificial Intelligence and Accelerated Computing Increases

Nvidia reported full-year net revenues of $60.9 billion, up 126 percent from 2022.

Nvidia reported increased demand for generative artificial intelligence (AI) and accelerated computing in its latest earnings report on February 21st.

Jen-Hsun Huang, Nvidia’s founder and CEO, said, “Accelerated computing and generative AI have reached a tipping point, with demand surging from companies, industries and countries around the world.”Bitcoin Miner

Huang added that Nvidia RTX has become the “big PC platform for generating AI” used by 100 million gamers and creators. He further described Nvidia’s datacenter platforms and their growth across a variety of sectors, noting that vertical industry usage is now in the billions of dollars.

Nvidia posts record earnings

Nvidia’s fourth-quarter revenue hit an all-time high of $22.1 billion, an increase of 265 percent over the previous year. Meanwhile, full-year revenue was $60.9 billion, up 126 percent from 2022.

The company’s net income for the fourth quarter was $12.28 billion, up 769 percent from the previous year, and for the full year it was $29.76 billion, up 581 percent from the previous year.

Diluted earnings per share for the year were $11.93, compared to $1.74 in the previous year.

Nvidia forecasts its revenue to hover around $24 billion, with a possible plus or minus 2% variation. The company’s expected gross margins are 76.3% on a GAAP basis and 77.0% on a non-GAAP basis, with a possible deviation of 50 basis points.

Despite the day’s underperformance, the positive earnings report caused NVDA stock to surge 56.88 points, or 8.43%, after hours. At press time, NVDA was trading at $731 per share, despite closing the day at $674.72. Bitmain Miner

These positive results coincide with an increase in the company’s stock price, which is up 56.88 points (8.43 percent) after hours, although it is down 19.80 points (2.85 percent) today.

NVIDIA Data Center Division

A large portion of the company’s annual revenue comes from its data center business, which has seen record growth over the past 12 months as artificial intelligence technology spreads across the globe.

Nvidia’s Data Center Division reported record-breaking fourth-quarter revenue of $18.4 billion, up 27 percent sequentially and 409 percent year-over-year, with annual revenue climbing to $47.5 billion.

This growth was driven by several strategic initiatives and partnerships, including collaborations with Google, Cisco and Amazon Web Services, among others.

Nvidia partnered with Google to enhance the AI platform, extending these optimizations to NVIDIA GPU gas pedals and TensorFlow on the Google Cloud.

In the Data Center division, Nvidia also announced a new strategic partnership with Tatu Group to launch the world’s first AI-based cloud data center platform designed to deliver high-performance computing to customers worldwide.

Additionally, Nvidia announced a strategic partnership with Microsoft to merge Nvidia’s AI platform with Microsoft Azure to expand its presence in the data center space.

Jen-Hsun Huang said Nvidia will continue to increase its investment in the data center business to meet the growing needs of customers. Automotive chip business In addition to the data center business, Nvidia’s automotive chip business has also made great progress.

Nvidia’s automotive business posted revenues of $6 billion this year, up from $3 billion last year, growing faster than the company’s own expectations. The growth in the automotive business is largely due to the popularity of self-driving technology and Nvidia’s partnerships with major automakers.

Jen-Hsun Huang added that Nvidia will continue to increase its investment in the automotive chip business and promote the popularization of autonomous driving technology worldwide.

Overall, Nvidia delivered impressive results and revenue growth throughout the year, demonstrating strong growth momentum. The company achieved impressive results in its AI technology, data center business and automotive chip business, demonstrating its leadership and innovation in the high-tech space.