UPDATE - US chipmaker Nvidia posts record quarterly, full-year revenues

ADDS MORE INFORMATION, STOCK PRICE

By Ovunc Kutlu

ISTANBUL (AA) - US-based global chipmaker Nvidia posted record quarterly and full-year revenues with booming demand for artificial intelligence (AI), according to its financial results statement released late Wednesday.

The California-based company posted record revenue of $22.1 billion for the fourth quarter ended Jan. 28, 2024, up 265% from $6.05 billion in the same period of the previous year.

Total revenue for the full fiscal year of 2024 came in at a record high of $60.9 billion -- up 126% from almost $27 billion in the full fiscal year of 2023.

The company said it also saw record quarterly Data Center revenue of $18.4 billion, which soared 409% from the same period of the year before.

Full-year Data Center revenue, in addition, rose 217% during the same period to also reach a record level of $47.5 billion, said the statement.

Net income, meanwhile, soared a massive 769% to almost $12.3 billion in the fourth quarter ended January this year from approximately $1.4 billion in the same period of last year.

The record financial results came as demand for AI is booming globally.

While over 40,000 firms use Nvidia's graphics processing units (GPUs) for AI, its products are used by data scientists, application developers and software engineers that work with generative AI.

The company said in the statement that it has unveiled plans with digital communications tech conglomerate Cisco Systems to help enterprises quickly and easily deploy and manage secure AI infrastructure.

The firm added that it also supported the National Artificial Intelligence Research Resource pilot program, a major step by the US government toward a shared national research infrastructure.

Google announced earlier Wednesday that it has partnered with Nvidia to optimize Gemma, its new family of open-source AI models for Nvidia's GPUs.

Amid the strong financial results, Nvidia shares jumped 10% to $741.89 per share on the Nasdaq in after-hours trading, after closing Wednesday at $674.72 a share.