Nvidia (NVDA) released its third-quarter earnings on Wednesday, surpassing expectations due to strong sales of its AI chips, which CEO Jensen Huang referred to as ushering in the "age of AI. " As the largest publicly traded company by market cap, Nvidia reported earnings per share (EPS) of $0. 81 with $35. 1 billion in revenue, exceeding analysts' forecasts of $0. 74 EPS on $33. 2 billion in revenue. For the fourth quarter, Nvidia projects revenue of $37. 5 billion, plus or minus 2%, slightly above Wall Street's prediction of $37 billion. On Thursday morning, Nvidia's stock fluctuated, hitting an intraday high before stabilizing, as investors assessed the outlook. In a statement, Huang said, “The age of AI is in full steam, propelling a global shift to Nvidia computing. Demand for Hopper and anticipation for Blackwell are incredible as foundation model makers scale pretraining, post-training, and inference. " Nvidia's Data Center business, generating most of its revenue, earned $30. 8 billion in the quarter, surpassing analysts' estimates of $29 billion and increasing by 112% from $14. 5 billion in Q3 of the previous year. Gaming revenue reached $3. 3 billion, up from $2. 8 billion last year, beating analysts' expectations of $3 billion. Nvidia's stock has soared throughout 2024, driven by AI's rapid growth in the tech sector and beyond. Nvidia addressed concerns about delays in its upcoming Blackwell chip's availability.
CFO Colette Kress announced that the AI GPU would ship this quarter and expand production over the next year. "Both Hopper and Blackwell systems face certain supply constraints, and demand for Blackwell is expected to exceed supply for several quarters in fiscal 2026, " she added. As of Wednesday, Nvidia’s shares were up 192% for the year, far outperforming competitors. AMD (AMD) saw its stock drop over 5% year to date, while Intel (INTC) experienced a nearly 52% decline amid turnaround challenges. Nvidia faces uncertainty due to Donald Trump's threats of imposing widespread tariffs on international products.
Nvidia Q3 Earnings Exceed Expectations; AI Chips Fuel Growth
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