NVIDIA reported record revenue for its third quarter, totaling $57 billion. A look back at the mind-blowing performance of the world’s leading GPU manufacturer.
NVIDIA Unveils Quarterly Results
Having surpassed the $500 billion market capitalization mark last month, NVIDIA has become a barometer of the U.S. economy, to the point that the market closely monitors every earnings release. On Wednesday, the computing giant released its latest quarterly figures, reporting record revenue of $57 billion for its third quarter, which ended on October 26.
This represents a 22% increase compared to the previous quarter, as well as a 62% improvement compared to last year.
Over the first nine months, revenue totaled nearly $148 billion, compared to just over $91 billion during the same period last year:
NVIDIA Results
With earnings at $1.30 per diluted share, Jensen Huang, NVIDIA’s founder and CEO, praised sales of its new generation of GPUs:
Blackwell sales are skyrocketing, and cloud GPUs are sold out. Demand for computing power continues to grow and expand, both for training and inference, with exponential growth. We have entered the virtuous cycle of AI. The AI ecosystem is growing rapidly: more and more creators of foundational models, specialized startups, across more industries and countries. AI is everywhere, doing everything, simultaneously.
On Thursday, news of these results gave the stock markets a bit of a boost, with NVDA shares up 2.85%, the S&P 500 closing up 0.38%, and the Nasdaq up 0.59%.
As for NVDA stock, it has corrected somewhat since its all-time high of $212 on October 29. Today, the stock is trading at $186.50, down 12%:
NVDA stock price (daily data)
For the current quarter, the company now expects revenue of $65 billion, with a margin of error of 2%, which would set a new record.
