Nvidia Q3 Revenue Soars 95% to $35.1B, Beats Estimates
Nvidia announced on Wednesday that revenue in the third quarter of 2024 surged 95% to $35.1 billion, exceeding previous forecasts.
Nvidia expects fourth-quarter revenue of $37.5 billion.
Nvidia’s third-quarter revenue reflects strong demand for artificial intelligence
The company’s data center division leads grow Compared to the previous year, this was an increase of 111% to $30.8 billion. The gaming, professional visualization and automotive sectors also grew by 14%, 16% and 72% respectively.
Nvidia’s stock price also rose nearly 30% throughout the third quarter, and has risen nearly 200% this year. The company’s performance could be driven by surging demand Bitcoin mining and artificial intelligence.
Founder and CEO Jensen Huang stated in the media: “The era of artificial intelligence is in full swing, driving the global shift to NVIDIA computing.” release.
Furthermore, the company continues to dominate the field. GPU mining market. According to the latest news dataIts RTX hardware continues to lead any other product on the market in GPU mining profitability.
Explore other business avenues
Nvidia has been looking for new avenues of business throughout the year amid surging revenue. The company is Entering the field of humanoid robots. The development aims to provide developers with tools to train robots using data from human demonstrations.
Earlier this year, Nvidia’s market cap More than the total value of all Russell 2000 The stock gained $10 billion, accounting for 43% of the S&P 500’s gain.
However, the company faces regulatory challenges Due to its strong connection with cryptocurrency mining. September, Department of Justice (DOJ) issues subpoena as part of an antitrust investigation.
The case is reportedly investigating whether Nvidia’s practices have limited competition in areas such as cryptocurrency and artificial intelligence.
Recently, the Supreme Court indicated that it may issue narrow rulings within a shareholder litigation. The lawsuit accuses Nvidia of misrepresenting its reliance on cryptocurrency mining revenue to investors.
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