Nvidia Reports 69% Surge in Revenue, Hits $44.1 Billion Milestone

Nvidia revenue has reached $44.1 billion in its latest quarter marking an impressive 69% growth. Despite recent U.S. government restrictions on selling AI chips to China, Nvidia has continued its strong growth, proving its dominance in the artificial intelligence space. The company has managed to exceed the revenue expectations of Wall Street despite China’s restrictions which will cost it $4.5 billion.

The company’s net income also rose by 26%, totaling $18.78 billion. Although slightly below profit predictions of $19.49 billion, Nvidia’s performance remains impressive. The U.S. recently allowed similar AI chip sales to the Middle East, somewhat balancing the impact of the China ban.

Nvidia expects to keep its momentum going, forecasting 50% revenue growth in the next quarter, driven by its latest AI chip sales. With its market value reaching $3.3 trillion, Nvidia is now the second-most-valuable company globally, sitting between Microsoft and Apple.

CEO Jensen Huang emphasized that AI is now seen globally as a key driver of the next industrial revolution. Nvidia’s quarterly earnings have now even surpassed Meta’s, showing its growing influence in the tech world.

Source: The Economic Times