Nvidia reports strong growth in Q4 earnings

The chipmaker reported double- and triple-digit percentage increases in revenue and profit

Graphics chipmaker Nvidia reported strong revenue and earnings for its fourth quarter and fiscal year 2024, driven by demand for its datacentre and gaming products.

For the quarter ending January 2024, Nvidia posted revenue of $22.1bn, up 22 per cent from the previous quarter and 265 per cent increase from a year earlier. GAAP earnings per share came in at $4.93, up 33 per cent sequentially and 765 per cent year-over-year.

"Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations," said Nvidia CEO Jensen Huang.

Nvidia's data centre revenue, which includes sales of its graphics processing units (GPUs) used for artificial intelligence workloads, surged 11 per cent from the previous quarter. Gaming revenue jumped 12 per cent amid strong sales of its RTX graphics cards.

For the full fiscal year 2024, Nvidia generated $60.9bn in total revenue, up 126 per cent versus the prior year. Net income on a GAAP basis hit $11.93 per share, a 586 per cent increase.

The company also announced a new distribution agreement with TD SYNNEX in the UK to expand delivery of its enterprise computing products.

Nvidia expects demand for its GPUs and AI platforms to remain robust going forward, especially as more industries adopt generative AI capabilities. The company will reveal new innovations at its upcoming GPU Technology Conference in March.

"The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward," said Huang.