Nvidia (NVDA) reported third quarter earnings after the bell on Wednesday that topped expectations on the strength of sales of its high-powered AI chips fueling what its CEO Jensen Huang called the “age of AI.”
The world’s largest publicly traded company by market cap, Nvidia reported earnings per share (EPS) of $0.81 on revenue of $35.1 billion. Analysts were anticipating EPS of $0.74 on revenue of $33.2 billion.
Nvidia also said it anticipates revenue of $37.5 billion, plus or minus 2%, for the fourth quarter. That’s just ahead of Wall Street expectations of $37 billion.
Nvidia’s stock price fell roughly 1% on the news.
“The age of AI is in full steam, propelling a global shift to Nvidia computing,” Huang said in a statement. “Demand for Hopper and anticipation for Blackwell — in full production — are incredible as foundation model makers scale pretraining, post-training, and inference.”
The chip giant’s Data Center business, which makes up the vast majority of its revenue, brought in $30.8 billion in the quarter, beating out analysts’ expectations of $29 billion and jumping 112% versus the $14.5 billion the segment made in Q3 last year.
Nvidia’s gaming revenue came in at $3.3 billion, up from the $2.8 billion the division brought in last year. Analysts were looking for $3 billion.
Nvidia’s stock has continued to rocket higher throughout 2024, thanks to the explosive growth in AI across the tech landscape and beyond.
