Nvidia Corporation announced on Wednesday a significant 95% increase in revenue for the third quarter of 2024, reaching $35.1 billion and surpassing previous predictions.

For the fourth quarter, Nvidia projects revenue of $37.5 billion.

Nvidia Q3 Revenue Reflects Strong Demand for AI

The company’s Data Center segment led the growth with a 111% jump to $30.8 billion compared to the previous year. Gaming, Professional Visualization, and Automotive segments also recorded increases of 14%, 16%, and 72%, respectively.

Nvidia’s stock prices have also increased by nearly 30% throughout Q3, and nearly 200% this year. The company’s performance is likely driven by the surging demand for Bitcoin mining and AI. 

“The age of AI is in full steam, propelling a global shift to NVIDIA computing,” founder and CEO Jensen Huang noted in a press release. 

Also, the company has continued to dominate the GPU mining market. According to the latest data, its RTX hardware has consecutively outperformed any other products in the market in terms of GPU mining profitability. 

Exploring Other Business Avenues

Amidst its surging revenue, Nvidia has been looking into new business avenues throughout the year. The company is Go to Source to See Full Article
Author: Mohammad Shahid