Nvidia Announces Financial Results, Q3 Revenue Up 17 Pct

SAN FRANCISCO, Nov 21 (Bernama-Xinhua) -- Nvidia on Wednesday reported revenue of US$35.1 billion for the third quarter ending Oct 27, 2024, marking a 17-per cent increase from the previous quarter and a 94-per cent rise compared to the same period last year, reported Xinhua.

For the quarter, GAAP (generally accepted accounting principles) earnings per diluted share was US$0.78, up 16 per cent from the previous quarter and up 111 per cent from a year ago. Non-GAAP earnings per diluted share was US$0.81, up 19 per cent from the previous quarter and up 103 per cent from a year ago, the company said.

Nvidia's quarterly net income was US$19.3 billion, up 16 per cent from the second quarter and up 112 per cent from a year ago.

Its third-quarter revenue for Data Centre was a record US$30.8 billion, up 17 per cent from the previous quarter and up 112 per cent from a year ago.

"The age of AI is in full steam, propelling a global shift to Nvidia computing," said Jensen Huang, founder and CEO of Nvidia.

"Demand for Hopper and anticipation for Blackwell - in full production - are incredible as foundation model makers scale pretraining, post-training and inference."

"AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionise workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure," he said.

Nvidia will pay its next quarterly cash dividend of US$0.01 per share on Dec 27, 2024, to all shareholders of record on Dec 5, 2024.

Nvidia's outlook for revenue in the fourth quarter of fiscal 2025 is US$37.5 billion, plus or minus 2 per cent. GAAP and non-GAAP gross margins are expected to be 73.0 per cent and 73.5 per cent, respectively, plus or minus 50 basis points.  

-- BERNAMA-XINHUA