Nvidia reports record quarterly revenue as AI chip demand continues
28 August 2024, 21:54
The US firm reported revenue for the last three months of 30 billion dollars, up 15% on the previous quarter.
US computer chip giant Nvidia has reported record quarterly revenue of 30 billion dollars (£22.7 billion) in its latest round of financial results.
The figure is up 15% on the last quarter, and up 122% on the same period a year ago as the firm continues to benefit from the rise of generative AI.
Many of the world’s largest tech and AI companies rely on Nvidia’s chips and data centres to provide the computing power to create, train and develop new AI tools.
In its quarterly results for the three months to July 28, the company said that revenue from the data centre portion of its business was a record 26.3 billion dollars (£19.9 billion) – up 16% on the previous quarter and 154% higher than this time last year.
The results beat many analysts’ expectations.
Jensen Huang, founder and chief executive of the US firm, said demand for Nvidia’s current generation of Hopper chips “remains strong” and that the anticipation for its next generation of Blackwell chips was “incredible”.
“Nvidia achieved record revenues as global data centres are in full throttle to modernise the entire computing stack with accelerated computing and generative AI,” he said.
“Blackwell samples are shipping to our partners and customers. Spectrum-X Ethernet for AI and Nvidia AI Enterprise software are two new product categories achieving significant scale, demonstrating that Nvidia is a full-stack and data centre-scale platform.
“Across the entire stack and ecosystem, we are helping frontier model makers to consumer internet services, and now enterprises. Generative AI will revolutionise every industry.”
Looking ahead to the next quarter, the company said it expected revenue to rise again, forecasting it to be around 32.5 billion dollars.
