NVIDIA’s financial results for the third quarter of fiscal 2024 showcase impressive growth and innovation. The company reported record revenue of $18.12 billion, marking a 206% increase from the previous year and a 34% rise from the second quarter. This surge is attributed to the significant advancements in accelerated computing and generative AI, with NVIDIA’s GPUs, CPUs, networking, AI foundry services, and AI Enterprise software acting as major growth drivers.
Data Center operations were a standout, achieving a record revenue of $14.51 billion, up 279% year-over-year and 41% from the previous quarter. This success is underpinned by NVIDIA’s new product introductions and partnerships in AI and cloud computing, including the NVIDIA HGX™ H200 with the H200 Tensor Core GPU and collaborations with major cloud service providers like Google Cloud Platform, Microsoft Azure, and Oracle Cloud Infrastructure.
The Gaming segment also showed robust performance, with a revenue of $2.86 billion, an 81% increase year-over-year, and a 15% increase from the previous quarter. This was bolstered by the launch of DLSS 3.5 Ray Reconstruction and the addition of new games to the GeForce NOW platform.
Professional Visualization and Automotive segments also saw significant gains, with revenues of $416 million and $261 million, respectively. In Professional Visualization, NVIDIA’s Omniverse was utilized by Mercedes-Benz for creating digital twins of manufacturing facilities, and a new line of desktop workstations was introduced. The Automotive sector benefited from NVIDIA’s collaboration with Foxconn to develop next-generation electric vehicles.
For the upcoming fourth quarter of fiscal 2024, NVIDIA anticipates revenues of around $20.00 billion, with GAAP and non-GAAP gross margins expected to be approximately 74.5% and 75.5%, respectively. Operating expenses are projected to be around $3.17 billion (GAAP) and $2.20 billion (non-GAAP).
NVIDIA’s continued focus on AI and accelerated computing, coupled with strategic partnerships and product innovations, positions it strongly for sustained growth in the evolving tech landscape