NVIDIA announced yet another huge blowout financial report today for its third quarter 2023 results. In a press release, the company said it brought in revenues of $18.12 billion for the quarter. That’s a massive 206 percent higher number than its revenues of $5.931 billion that it made in the same period last year. It’s also 34 percent higher than the second quarter of 2023.
Net income came in at $9.243 billion for the third quarter of 2023 for NVIDIA. That is 1,259 percent higher than its net income of “just” $680 million for the same quarter a year ago. The numbers was also above the estimates from financial analysts.
Its Data Center division, which includes its generative AI GPU business, brought in $14.51 billion in revenues for the third quarter, which is up 279 percent from the same period a year ago.
However, the company announced in a letter to shareholders that due to export restrictions to China and other countries, revenues from those areas “will decline significantly” in the current fourth quarter of 2023, although NVIDIA added it expects revenues in other regions will offset those declines. Even with that statement, shares in NVIDIA were down by over 1 percent in after-hours training.
In a statement, Jensen Huang, CEO of NVIDIA, wrote:
Large language model startups, consumer internet companies and global cloud service providers were the first movers, and the next waves are starting to build. Nations and regional CSPs are investing in AI clouds to serve local demand, enterprise software companies are adding AI copilots and assistants to their platforms, and enterprises are creating custom AI to automate the world’s largest industries. NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software are all growth engines in full throttle. The era of generative AI is taking off.
NVIDIA’s gaming business was successful as well in the third quarter with revenues of $2.86 billion which was up 81 percent from the same period a year ago. The company is holding a press event at CES 2024 in Las Vegas on January 8, where it is rumored it could launch new GeForce Series 40 “Super” GPUs.