NVIDIA Corp. (NASDAQ: NVDA) experienced a significant upswing in pre-market trading, soaring by as much as 9% following the release of its impressive fourth-quarter and full-year 2023 results. Despite a slight dip of nearly 3% the previous day, the tech giant is now on a reverse course, buoyed by robust performance metrics.
Record-Breaking Performance in Q4
In Q4, NVIDIA witnessed another record-breaking quarter, with revenue hitting $22.1 billion, marking a sequential increase of 22% and a staggering year-on-year surge of 265%. Fiscal 2024 saw revenue reach $60.9 billion, representing a remarkable 126% increase from the previous year.
Data Center Dominance
A standout performer was NVIDIA’s Data Center division, with revenue for fiscal 2024 soaring to $47.5 billion, more than tripling from the prior year. The company attributes this growth to the ongoing transition to accelerated computing, particularly evident in the burgeoning AI sector.
Expanding AI Applications
NVIDIA’s Data Center platform has proven instrumental in facilitating a wide array of AI applications across industries. From training and inference of generative AI to large language models, the platform’s versatility and performance have garnered widespread adoption.
Conclusion
With NVIDIA’s strong showing in Q4 and throughout fiscal 2024, fueled by robust Data Center performance and expanding AI applications, investors are optimistic about the company’s future prospects. As NVIDIA continues to innovate and expand its reach across various sectors, the stage is set for sustained growth and technological advancement.
