AI darling Nvidia (NVDA) reported a 265% year-on-year rise in revenue to $22bn (£17.4bn) for the three months to 28 January.
For the year, sales more than doubled to $60.9 billion. Nvidia also expects quarterly revenue to rise 233% this quarter, beating analyst expectations.
“Accelerated computing and generative AI have reached a tipping point. Demand is rapidly increasing across companies, industries and countries around the world,” said Jensen Huang, CEO and founder of the company. he said.
Nvidia shares rose 10% in after-hours trading.
Josh Gilbert, market analyst at trading platform eToro, said: “NVIDIA has had another explosive quarter showing that AI use cases are exploding and the AI boom shows no signs of slowing down. “We have reaffirmed our position in Cent7. This is a big issue for investors.” So, can this continue?
“The short answer is yes. NVIDIA continues to deliver results on all fronts, and the results show that there is plenty of growth ahead. This is not just a flash in the pan or a bubble. It's a business that continues to make a lot of money.''Despite risks from China issues and ongoing competition, and despite potential headwinds down the line, NVIDIA's revenue outlook for next quarter is 240. billion, putting us on track to have sales of nearly $100 billion next year. ”
Nvidia announced that its gross profit increased 338% to $16.8 billion in the last three months of its fiscal year. Total profit for the year increased 188% to $44.3 billion.
Read how Nvidia's fourth-quarter results set the stage for further dominance