November 21, 2024November 21, 2024

Nvidia Earnings Slow, are Still Spectacular

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Nvidia reported that it earned a net income of $19.3 billion on revenues of $35 billion in the quarter ending October 27, 2024. Those figures represent gains of 109 percent and 94 percent, year-over-year (YOY), respectively. Which is rather amazing, but also a dramatic drop-off from the gains of recent quarters.

“The age of AI is in full steam, propelling a global shift to Nvidia computing,” Nvidia founder and CEO Jensen Huang said. “AI is transforming every industry, company, and country. Enterprises are adopting agentic AI to revolutionize workflows. Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure.”

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Nvidia reported that its Data Center revenues were $30.8 billion, a record, and up 112 percent YOY. Gaming and PC added $3.3 billion in revenues, up 15 percent YOY. Professional Visualization added $486 million, up 17 percent YOY, while Automotive and Robotics added $$449 million, up 72 percent YOY.

Nvidia shares fell 2 percent in after-hours trading, primarily because it isn’t maintaining the 200+ percent growth it reported over the past year, not that that was ever sustainable. In the good news department, Nvidia’s estimates for the current quarter beat expectations.

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