During the pandemic, the company experienced rapid revenue growth as videogame consumption increased and more individuals and businesses began using digital services powered by data centres.
The graphics-chip maker reported $7.64 billion in sales in the most recent quarter, a 53 percent increase over the previous year. It reported $3 billion in net income, more than doubling the previous year’s figure, and outperformed Wall Street on both profit and sales.
Nvidia, based in Santa Clara, California, said it expects revenue for the current quarter to be around $8.1 billion, which is higher than the $8.1 billion predicted by analysts polled by FactSet. Data-center and videogame sales are expected to be the primary drivers of the increase, according to Nvidia financial chief Colette Kress during a conference call with analysts.
Nvidia shares closed up slightly after the company posted its quarterly results. Revenue in the quarter advanced 37% from the year-ago period for Nvidia’s critical gaming business. The company has seen ups and downs in demand from cryptominers that use its video cards to produce digital currencies. New vehicles featuring automated-driving systems and other services using artificial intelligence should start appearing in 2025.
