NVIDIA has posted its financial results for the third quarter that ended on October 27, 2024. With $35.1 billion in revenue, the company once again exceeded expectations. This figure is 17% higher than the previous quarter and 94% higher than the same period of last year, driven once again by AI and the company’s Data Center segment. And with a gross margin of 74.6%, NVIDIA shows no signs of slowing down.
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“AI is transforming every industry, company, and country,” said Jensen Huang, founder and CEO of NVIDIA. “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.”
That’s a lot of “AI” in one statement. Jensen Huang also said that the entire planet is shifting toward “NVIDIA computing,” which is an incredibly bold thing to say, while confirming that its highly anticipated Blackwell chips are in full production for Data Center, Gaming, and AI PCs.
NVIDIA’s Gaming and AI PC business, which includes consumer desktop PCs and laptops with GeForce RTX GPUs, had revenue of $3.3 billion for the quarter, up 14% from the previous quarter and 15% from a year ago. NVIDIA credits this performance to the long-running reputation of the GeForce brand, 25 years and counting, and technologies like DLSS being a staple part of major game releases. It also attributes the growth to new RTX AI PCs from companies like ASUS and MSI, offering consumers an unmatched 321 AI TOPS performance.
Of course, $3.3 billion is nowhere near the $30.8 billion of revenue from NVIDIA’s Data Center business – up 112% from a year ago. NVIDIA’s hardware is now integral to AWS, CoreWeave, and Microsoft Azure cloud services, and Google Cloud and Oracle Cloud infrastructure are on the way. Returning to Jensen’s comment about countries developing their own national AI infrastructure, NVIDIA notes that India, Japan, and Indonesia are doing precisely that with NVIDIA computing.
Looking toward the immediate future, NVIDIA’s outlook for the fourth quarter is expected to hit $37.5 billion – plus or minus 2%.