On Tuesday Eastern Time, Nvidia announced its third-quarter financial report, showing the strong growth momentum the artificial intelligence boom has brought to the company. The financial report shows that in the third fiscal quarter ended October 29: Nvidia’s revenue was US$18.12 billion, an increase of 206% over the same period last year, an increase of 34% over the previous quarter, and a record high.

GAAP diluted profit per share for the fiscal quarter was US$3.71, an increase of more than 12 times year-on-year and a 50% month-on-month increase. Non-GAAP diluted profit per share was $4.02, an increase of nearly 6 times from the same period last year and an increase of 49% from the previous quarter.


It is worth mentioning that Nvidia’s data center business is key to providing services such as cloud computing and artificial intelligence. In the third fiscal quarter of this year,Nvidia's data center revenue reached a record $14.51 billion, much higher than the $3.8 billion in the same period last year and higher than analysts' expectations of $12.7 billion.


Nvidia revenue surges

NVIDIA founder and CEO Jensen Huang said: "Our strong growth reflects the broad industry shift from general-purpose platforms to accelerating computing and generating artificial intelligence.

“Big language model startups, consumer internet companies, and global cloud service providers are the first movers, and the next wave is starting to take shape. Communications service providers in various countries and regions are investing in AI clouds to meet local needs, major enterprise software companies are adding AI co-pilots and assistant services to their platforms, and major enterprises are creating customized AI to automate the world’s largest industries.

“NVIDIA’s GPU, CPU, network, AI foundry services and NVIDIA AI enterprise software are all engines of full-speed growth.The era of generative artificial intelligence is taking off. "

Expected to continue growing in the next quarter

Looking forward to the market outlook,Nvidia expects fourth-quarter revenue to reach $20 billion, plus or minus 2%; its fourth-quarter GAAP and non-GAAP gross profit margins are expected to be 74.5% and 75.5%, respectively, plus or minus 50 basis points.

Nvidia shares closed at a record high on Monday and fell 0.92% to $499.44 on Tuesday. As of press time, Nvidia's stock price fell 1.4% after the session.


NVIDIA stock price rose to a new all-time high on Monday

Nvidia's shares have more than tripled over the past year, making the company one of Wall Street's best-performing stocks and boosting its market value to more than $1.2 trillion.

In a note to investors, Nvidia Chief Financial Officer Colette Kress cited concerns about the impact of U.S. restrictions on China's high-performance chip exports. She said the company expected sales to Asian countries to be "significantly lower" in the current quarter, but that this should be "offset by strong growth elsewhere."