- Nvidia has reported record-breaking numbers for the fiscal quarter Q3 2024, with $18.1 billion in revenue.
- The growth is due to the data center division, which produces AI compute chips.
- Nvidia's gaming sector showed an 81% yearly growth due to the launch of DLSS 3.5, the addition of DLSS in new games, wider adoption of GeForce Now, and more.
Nvidia has just announced its financial results for Q3 2024, the third quarter of the ongoing year. While it was already expected, the company has astounded everyone yet again and delivered record revenue for Q3 2024. A record revenue of $18.12 billion has been reported. Compared to the last year (Q3 2023), the revenue was sitting at $5.9B back then.
According to the Non-GAAP financial performance numbers, the yearly increase is a staggering 206%. Of course, the company’s data center earnings led up to this highly profitable Q3 2024. A record revenue of $14.51 billion (279% up from a year ago) was primarily responsible for this quarter. Furthermore, the company’s operating and net incomes had a record growth of 652% and 588%, respectively, which is simply staggering!
Analysts expected $16.18 billion in revenue for Q3 2024. As you can tell, the $18.12 billion Q3 2024 revenue has definitely surpassed expectations. This is despite sanctions put forward by the US government, preventing Nvidia from selling many of its high-end AI computing chips to China. More countries were added to this list, too (Via: Reuters).
“We expect that our sales to these destinations will decline significantly in the fourth quarter of fiscal 2024, though we believe the decline will be more than offset by strong growth in other regions” – Collette Kress, Chief Financial Officer at Nvidia
Nvidia also mentions that it has partnered with many leading companies on several AI initiatives. Lenovo, Infosys, Tata Group, Reliance Industries, Dropbox, Foxconn, and several others are mentioned. Talking about the Q3 results for gaming, an 81% yearly growth has been recorded sitting at $2.86 billion in Q3 2024.
The earnings call highlights the release of DLSS 3.5 ray reconstruction, Nvidia’s latest image quality enhancement technology based on AI-powered denoisers to increase the fidelity of the ray-tracing-based graphical features present in many of today’s latest games. The company also highlights the addition of 56 DLSS-supported games and over a total of 1700 games being available on its GeForce Now platform.
What are your thoughts on Nvidia’s massive earnings during Q3 2024? Let us know in the comments below.
