Proactive Investors - NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) managed to top sky-high revenue expectations for the fourth quarter which lifted its shares after Wednesday’s closing bell.
The AI chipmaker brought in $22.1 billion in revenue during the period compared to Wall Street analyst expectations of $20.3 billion.
This represented a 265% year-over-year increase and was a quarterly revenue record.
Data Center revenue was a new record $18.4 billion, up 409% year-over-year.
Adjusted earnings per share rose 486% over the year-ago quarter at $5.16, above estimates of $4.55.
For the full year, revenue rose 126% to $60.9 billion while adjusted EPS rose 288% to $12.96. Both figures were ahead of estimates of $59.1 billion and $12.36, respectively.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” NVIDIA CEO Jensen Huang said in a statement.
“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level.”
Looking ahead to the first quarter of fiscal 2025, the company guided revenue of $24 billion plus or minus 2%, above estimates of $21.5 billion.
NVIDIA shares gained 6.5% at about $718 shortly following the release of its earnings report.