NVIDIA Posts 769% Annual Profit Growth In Q4- Shares Soar By 10%
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Ahead of its crucial earnings release, widely expected to set the tone for the broader technology stock sector as well as artificial intelligence, investors were wary of NVIDIA Corporation, as reflected by small share price drops. However, the firm's earnings report for the fourth quarter has proven once again why it's rightly called the darling of AI. NVIDIA's latest earnings release saw the firm report $22 billion in revenue and $5.16 in diluted non GAAP earnings per share. Heading into the release, analysts were expecting the firm to post $20.6 billion in revenue and $4.64 in EPS, ensuring that the release managed to surpass even the most optimistic of investors that have driven NVIDA's stock to post double digit percentage share price gains this year.
NVIDIA's Shares Show No Signs of Stopping In Aftermarket Following Yet Another Earnings Beat
NVIDIA's latest quarterly results ensured that the explosive growth trajectory that the firm has paced itself on since the start of last year remains on track. While its revenue and EPS beats are impressive by themselves, the fourth quarter results also saw NVIDIA post a whopping 769% growth in its bottom line profit as the firm raked in $12.3 billion in GAAP net income during the period.
Related Story Intel’s Ex-Executive Raja Koduri Believes That PC GPUs From NVIDIA, AMD & Intel Play A Key-role In AI & Data Center Success
The quarter was the third consecutive quarter that saw NVIDIA beat its own record profit and revenue. Breaking down the earnings report segment wise, NVIDIA's new bread and butter businesses division, i.e., Data Center, was the clear driver of the growth. NVIDIA's Data Center revenue during its Q4 FY 2024 sat at $18.4 billion, or in an entirely new category compared to its year ago quarter's revenue of $3.6 billion.
This marks a 409% annual growth, and NVIDIA's
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