TL;DR: Nvidia has posted record revenue for the third quarter ending October 27, 2024, serving as further proof that the age of AI is in full steam. For the three-month period, Nvidia generated $35.1 billion in revenue. That is an increase of 17 percent compared to the previous quarter and a whopping 94 percent more than it brought in during the same period a year earlier.
Non-GAAP earnings per share were $0.81 – up 19 percent sequentially and 103 percent from a year ago. For reference, analysts were expecting $33.2 billion in revenue and EPS of $0.74.
The vast majority of Nvidia’s earnings came from the data center division, which generated $30.8 billion. That’s up 17 percent quarter over quarter and 112 percent compared to Q3 2023. Gaming revenue in the quarter was $3.3 billion – an increase of 14 percent versus last quarter and 15 percent from a year earlier.
Speaking of gaming, it was just over a month ago that Nvidia celebrated the 25th anniversary of the original GeForce card, the GeForce 256. That legendary unit dropped on October 11, 1999, and was marketed as the world’s first GPU. While not the first aftermarket graphics card I would own, it was the first to be slotted into my first custom-built PC. I still remember being surprised to see the active cooling solution when I unboxed it. My, how time flies.
Shares in Nvidia are down 2.44 percent on the earnings report as of this writing to $142.33, but are still up nearly 195 percent year to date and more than 2,600 percent over the last five years. Nvidia’s recent success has also made CEO Jensen Huang one of the richest people in the world.
Looking ahead, Nvidia forecasts revenue of $37.5 billion (plus or minus two percent) for the fourth quarter with gross margins between 73 percent and 73.5 percent. For comparison, Wall Street is expecting $37 billion in revenue from Nvidia in the final quarter of the year.
