Nvidia Q3 revenue nearly doubles to $35.1 billion; Blackwell AI Chip shipments to begin next quarter: Key highlights

AI chipmaker Nvidia's revenue increased 94% year-on-year (YoY) and 12% quarter-on-quarter (QoQ) to $35.1 billion in the third quarter of the calendar year 2024.

The world's most valuable company posted record quarterly data centre revenue of $30.8 billion, reflecting a 112% increase from the year-ago period and a 17% surge QoQ.

Nvidia's operating income increased 110% YoY to $21.8 million, while net income rose 109% YoY to $19.3 million.

On the earnings, Jensen Huang, founder and CEO of Nvidia, said that the age of artificial intelligence is in full steam, driving a global shift to Nvidia computing.

He said the demand for Hopper GPU Architecture and anticipation for the Blackwell chip, which is in production, are incredible.

"AI is transforming every industry, company and country. Enterprises are adopting agentic AI to revolutionize workflows," Huang said, adding, "Industrial robotics investments are surging with breakthroughs in physical AI. And countries have awakened to the importance of developing their national AI and infrastructure."

Nvidia Chief Financial Officer (CFO) Colette Kress said, "The strong year-on-year and sequential growth was driven by demand for our Hopper computing platform for training and inferencing of large language models, recommendation engines, and generative AI applications."

She also informed that shipments of next-generation Blackwell chips are scheduled to begin in the fourth quarter of CY24.

"Both Hopper and Blackwell systems have certain supply constraints, and the demand for Blackwell is expected to exceed supply for several quarters in fiscal 2026," she said.

Nvidia's outlook for Q4

• Revenue likely to be around $37.5 billion.
• Generally accepted accounting principles (GAAP) and non-GAAP gross margins are likely to be around 73.0% and 73.5%, respectively.
• The company is expected to post GAAP and non-GAAP operating expenses close to $4.8 billion and $3.4 billion, respectively.

Nvidia dividend update

The company announced that it would pay a quarterly cash dividend of $0.01 per equity share on December 27, 2024, to shareholders as of the record date of December 5, 2024.