• Nvidia’s Q4 2024 financial report revealed significant revenue growth, surpassing analyst expectations, with Q4 revenue reaching $22.1 billion, up 265% YoY and 22% QoQ.
  • For the full fiscal year 2024, Nvidia reported revenue of $60.9 billion, marking a 126% YoY increase.
  • CEO Jensen Huang highlighted the company’s pivotal role in accelerated computing and generative AI, anticipating substantial innovation in the coming year and announcing the GTC 2024 conference to showcase breakthroughs.

On February 22nd, Nvidia released its Q4 2024 financial report ending on January 28, 2024. The report indicated Q4 revenue of $22.1 billion, exceeding analyst expectations by 265% YoY and 22% QoQ, with GAAP net income for common stockholders at $12.285 billion, up 765% YoY and 33% QoQ. Non-GAAP net income attributable to common stockholders was $12.839 billion, up 486% YoY and 28% QoQ.

For the full fiscal year 2024, Nvidia reported revenue of $60.9 billion, up 126% YoY, with GAAP net income at $29.76 billion, up 586% YoY, and non-GAAP net income at $32.312 billion, up 288% YoY. Nvidia forecasts Q1 FY 2025 revenue of $24 billion, fluctuating by 2%.

Also read: Equinix serves fully managed service for NVIDIA Supercomputing

There is a huge demand for generative AI

Nvidia’s CEO Jensen Huang noted the turning point in accelerated computing and generative AI, driven by increasing demand worldwide from various companies, industries, and countries. He highlighted strong support for Nvidia’s data centre platform from diverse drivers like large cloud service providers, GPU specialists, enterprise software, and consumer internet companies. Additionally, vertical industries such as automotive, financial services, and healthcare have reached multi-billion-dollar scales. Huang emphasised the significant innovation anticipated in the coming year, building upon Nvidia’s RTX series, which has become a vast PC platform serving 100 million gamers and creators, suitable for generative AI applications.

The GTC 2024 conference will take place from March 18th to 21st

Nvidia announced the GTC 2024 conference from March 18th to 21st at the San Jose Convention Centre, where Huang will unveil the latest breakthroughs in accelerated computing, generative AI, and robotics. Over 300,000 attendees are expected to attend either in-person or online. Nvidia also declared a quarterly cash dividend of $0.04 per share to shareholders of record as of March 6, 2024, payable on March 27, 2024.

On February 21st, Nvidia closed at $674.72, down 2.85%, with a market capitalisation of $1.7 trillion. Nvidia’s stock initially dropped over 4% post-market but rebounded after the financial report, briefly rising over 7%.