Nvidia (NVDA) reported its third quarter earnings on Wednesday, beating analysts’ estimates on the top and bottom lines and offering a better-than-anticipated outlook.
For the fourth quarter, Nvidia projects revenue of $65bn plus or minus 2%. Wall Street was expecting revenue of $62bn.
“Blackwell sales are off the charts, and cloud GPUs are sold out,” CEO Jensen Huang said in a statement.
“We’ve entered the virtuous cycle of AI. The AI ecosystem is scaling fast — with more new foundation model makers, more AI startups, across more industries, and in more countries. AI is going everywhere, doing everything, all at once,” he added.
He also told analysts last night:
Nvidia stock rose more than 5% on the news. The chipmaker’s report buoyed other AI companies, with AMD’s stock rising nearly 4% and Micron (MU) climbing more than 3% in after-hours action. Amazon (AMZN), Google (GOOG), Meta (META), and Microsoft (MSFT) stock also rose slightly.
For Q3, Nvidia saw earnings per share (EPS) of $1.30 on revenue of $57.01bn. Analysts were anticipating EPS of $1.26 on revenue of $55.2bn, according to Bloomberg consensus data. The company saw EPS and revenue of $0.81 and $35.1bn, respectively, in the same period last year.
The AI giant’s data centre business brought in $51.2bn versus estimates of $49.3bn. Nvidia’s gaming revenue was $4.3bn, just short of the $4.4bn estimate.