Nvidia Surpasses Expectations with Record Revenue as AI Demand Continues to Grow

Tokyo, Japan - November 13, 2024 - Nvidia Corporation reported its third-quarter results on Tuesday, beating analysts' estimates and solidifying the company's position in the rapidly growing artificial intelligence (AI) industry.

The AI chipmaker posted revenue of $35.08 billion for the quarter, a nearly doubling from last year's figure and exceeding analyst consensus from Visible Alpha. Net income also more than doubled to $19.31 billion, surpassing projections and fueling investor confidence.

While Nvidia's shares fell slightly in extended trading on Wednesday due to investors' potentially lofty expectations, the stock has still seen significant gains this year, tripling in value since its start. The company's data center revenue, a key driver of Nvidia's AI ambitions, more than doubled to a record $30.8 billion, underscoring the industry's growing demand for specialized computing chips.

"Nvidia is at the forefront of the age of AI as people transition their computing to GPUs and our datacenter business shows record growth," said Jensen Huang, Nvidia's CEO, in a statement. "Demand for Hopper and anticipation for Blackwell-in full production are incredible."

Looking ahead, Nvidia forecast revenue of $37.5 billion for its fiscal fourth quarter, exceeding analyst consensus. The company's confidence suggests continued demand for its products as the AI industry continues to expand.

With stocks trading at 2% lower in extended trading on Wednesday, it remains to be seen whether investors will maintain their support for the stock moving forward. Nevertheless, Nvidia's impressive results and expanding presence in emerging markets hint at a bright future for the company.