Nvidia Surpasses Expectations with Record Earnings Driven by AI Chip Demand
Nvidia reported fourth-quarter earnings that surpassed Wall Street expectations, driven by surging demand for its artificial intelligence (AI) chips. The company posted revenue of $39.3 billion, a 78% increase year-over-year, and net income of $22.1 billion, up 71% from the same period last year. Nvidia’s data center business, which includes its AI-focused GPUs, generated $35.6 billion in revenue, a 93% annual increase, and now accounts for 91% of the company’s total sales.
The chipmaker also provided strong guidance for the first quarter of fiscal 2025, forecasting revenue of approximately $43 billion, plus or minus 2%, which would represent a 65% year-over-year growth. CEO Jensen Huang highlighted the “amazing” demand for Nvidia’s next-generation Blackwell AI chips, which are expected to see a significant sales ramp in the coming months. CFO Colette Kress noted that the company’s gross margin dipped slightly due to the transition to more complex and higher-cost data center products.
Despite the robust earnings, Nvidia’s stock remained flat in after-hours trading, as investors weighed concerns about slowing growth and potential competition from custom AI chips developed by tech giants like Amazon, Microsoft, and Google. Huang dismissed these concerns, stating that designing a chip doesn’t guarantee its deployment.
Nvidia’s gaming business, however, saw an 11% decline in revenue, while its automotive segment, though small, grew 103% year-over-year. The company also spent $33.7 billion on share repurchases during the fiscal year.
The earnings report underscores Nvidia’s dominant position in the AI chip market, with analysts estimating it will capture 95% of the global GPU market in 2025. However, the company faces challenges as it grows larger, with its pace of expansion slowing compared to previous quarters.
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