Nvidia rakes in more than $22 billion in a single quarter on the back of surging AI demand-
You don’t need ChatGPT to tell you that AI is big business. Nvidia is making an absolute killing. Yet, for all the buzz and talk about AI, and Nvidia’s understandable shift of attention to where the big money is, its gaming business continues to thrive.
Nvidia released its fourth quarter earnings on Wednesday, raking in $22.1 billion in revenue for the quarter, up 265% from a year ago. Its revenue from data centers, where the big AI bucks come from, was up by over 400% from the same period last year, reaching $18.4 billion.
Analyst expectations were for $20.55 billion, so these results were ahead of expectations. Still, Nvidia shares are down by over 7% over the last five days at the time of writing. However, those losses were reversed in after hours trade, surging by up to 10%, largely on the back of guidance for the next quarter. Nvidia is forecasting an even higher revenue of $24 billion for the first quarter of 2024.
The company released its full year results at the same time, reporting revenue of $60.9 billion and net income of $29.76 billion. What caught my eye was the gross margin of 72.7%. That’s, uhh, pretty astonishing! And, its forecast for the next …
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