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NVIDIA Corporation Shatters Records in Fiscal Year 2024 with Unprecedented Growth

NVIDIA's Silicon Valley campus in Santa Clara, Calif. Source NVIDIA CORPORATION

In a groundbreaking announcement, NVIDIA Corporation has unveiled its financial achievements for the fourth quarter and the entirety of fiscal year 2024, marking a period of unparalleled success and revenue milestones.

The tech giant reported a staggering quarterly revenue of $22.1 billion by the close of January 28, 2024. This figure not only represents a 22% increase from the preceding quarter but also an extraordinary 265% surge compared to the same timeframe last year, underscoring NVIDIA's dominant position in the tech industry.

A significant contributor to this quarter's success was the data center revenue, which soared to a record $18.4 billion, reflecting a 27% increase from the third quarter and a jaw-dropping 409% jump from the previous year. This surge is a testament to the growing demand for NVIDIA's data center solutions, catering to the needs of large cloud-service providers, specialized GPU users, and a broad spectrum of enterprise software and consumer internet companies.

For the fiscal year ending in 2024, NVIDIA's revenue reached an impressive $60.9 billion, doubling its performance with a 126% increase from the last fiscal year. This robust growth is indicative of the global demand for accelerated computing and generative AI technologies, which, according to NVIDIA's CEO, Jensen Huang, have reached a critical tipping point across industries worldwide.

The company's profitability metrics were equally impressive, with GAAP earnings per diluted share escalating to $4.93, a 33% increase from the previous quarter and a staggering 765% rise from the previous year. The non-GAAP earnings per share also reflected strong profitability growth at $5.16.

NVIDIA attributes its FY24 financial success to several key factors, including the increased demand for its data center platform and the widespread adoption of its RTX platform by over 100 million gamers and creators. Introduced less than six years ago, the RTX platform has rapidly become a cornerstone in the PC gaming and generative AI market.

Looking forward, NVIDIA has set its sights on continued growth, with revenue expectations for the first quarter of fiscal 2025 projected around $24.0 billion, plus or minus 2%. The company also anticipates maintaining high gross margins, signaling confidence in its future performance, driven by major new product cycles and ongoing innovations.

NVIDIA's exceptional performance in fiscal year 2024 highlights its strategic focus on accelerated computing, data center advancements, and the expansive use of generative AI technologies. By capitalizing on the surging demand for these cutting-edge technologies, NVIDIA has not only achieved record-breaking financial results but has also reinforced its leadership status in the computing and AI industries, setting the stage for continued success and innovation in the years to come.

ChartAddicts Research Team



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