Nvidia Reports Historic 60 Billion Dollars Revenue Milestone Driven by Rising AI Demand

Crypto News– Nvidia’s latest earnings report, released on Feb. 21, highlighted a significant uptick in demand for generative artificial intelligence (AI) and accelerated computing. Jensen Huang, Nvidia’s founder and CEO, emphasized the pivotal moment reached by accelerated computing and generative AI, noting a surge in demand across companies, industries, and nations.

Nvidia Reports Historic 60 Billion Dollars Revenue Milestone Driven by Rising AI Demand

Huang underscored the widespread adoption of Nvidia RTX as a “massive PC platform for generative AI,” serving a user base of 100 million gamers and creators. He also highlighted the growth of Nvidia’s Data Center platform across various sectors, with vertical industry use reaching a multibillion-dollar scale.

In the fourth quarter, Nvidia reported record-high revenue of $22.1 billion, marking a remarkable 265% increase compared to the previous year. The full-year revenue stood at $60.9 billion, reflecting a substantial 126% increase over 2022.

Net income for the fourth quarter surged to $12.28 billion, up by an impressive 769% annually, while the full-year net income reached $29.76 billion, marking a remarkable 581% increase year-over-year. Diluted earnings per share (EPS) for the year stood at $11.93, a significant rise from $1.74 in the previous year.

Nvidia anticipates its revenue to hover around $24.0 billion, with a potential variation of plus or minus 2%. Gross margins are expected to be 76.3% for GAAP and 77.0% for non-GAAP measures, subject to a possible 50 basis point deviation.

Despite experiencing a negative day, Nvidia’s positive earnings report led to a surge in NVDA share price, which rose by 56.88 points, or 8.43%, after hours. As of press time, NVDA was trading at $731 per share, a significant increase from the day’s closing price of $674.72.