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Saturday, February 24, 2024
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Nvidia Reports Record $3.2B In Gaming Sales

Nvidia/Design: Alex Brooks

Chip manufacturer Nvidia’s third-quarter revenue jumped 55% year-over-year to $7.1 billion, far exceeding analysts’ estimates of $6.82 billion. Its $6.51 billion haul in Q2 was a record at the time.

Nvidia’s biggest division — gaming — rose 42% to $3.2 billion in sales, largely attributed to sales of GeForce consumer graphics processors. The processors, released in Q2, are still in limited supply.

The strong report boosted the company past an $800 billion market cap — as of Thursday morning, its stock was up more than 124% year-to-date.

  • Data center sales jumped 55% year-over-year to $2.9 billion.
  • Automotive sales grew 8% year-over-year to $135 million.
  • Its professional visualization product line rose 144% year-over-year to $577 million.

CNBC’s Jim Cramer is projecting Nvidia to be the next trillion-dollar company. The company expects to beat analysts’ revenue estimates ($6.86 billion) again this quarter, hitting $7.4 billion.

Earlier this week, Nvidia faced more scrutiny from U.K. regulators over its intended $40 billion acquisition of semiconductor and software company Arm, which was acquired by SoftBank for $31 billion in 2016.

British authorities launched a 24-week probe looking at national security risks and competition concerns.

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