The last of "the Magnificent Seven" to report earnings this season, Nvidia Corp. said Tuesday that its revenue for the third quarter of the 2024 fiscal skyrocketed 206% to $18.12 billion year-over-year, beating market estimates.
With operating expenses of $2.9 billion, net income for the three months to October 29 surged 1,259% to $9.2 billion, or $3.71 per diluted share. Nvidia's Data Center revenue surged 279% to $14.51 billion from a year ago, followed by gains in Gaming, Professional Visualization, and Automotive of 15%, 10%, and 3%, respectively. Regarding guidance, Nvidia is forecasting revenue of $20 billion in the fourth quarter, representing a revenue growth of nearly 231%.
"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," the company said in a letter to shareholders while commenting on the negative impact in the next quarter of export restrictions in China and other countries.
Following the publication of the results, Nvidia's shares fell 1.08% in late trading in New York.
