NVIDIA Reports 94% Revenue Growth to $35 Billion in Q3 2024, Net Income Up 109%

NVIDIA Corporation reported significant financial growth for the three and nine months ended October 27, 2024, with total revenue reaching $35,082 million for the quarter, a 94% increase from $18,120 million in the same period of the previous year. For the nine months, revenue totaled $91,166 million, up 135% from $38,819 million. The substantial growth was primarily driven by the Data Center segment, which generated $30,771 million in revenue for the quarter, reflecting a 112% year-over-year increase.

Gross profit for the third quarter was $26,156 million, yielding a gross margin of 74.6%, slightly up from 74.0% in the prior year. Operating income also saw a remarkable increase, reaching $21,869 million, a 110% rise compared to $10,417 million in Q3 FY 2024. Net income for the quarter was $19,309 million, a 109% increase from $9,243 million, resulting in a net income per share of $0.79, up from $0.37.

For the nine-month period, net income was $50,789 million, compared to $17,475 million in the previous year, with net income per share increasing from $0.71 to $2.07. The company’s effective tax rate rose to 13.6% from 11.3% due to a lower percentage of tax benefits relative to the increase in income before tax.

NVIDIA's total assets increased to $96,013 million as of October 27, 2024, up from $65,728 million at the beginning of the fiscal year. Cash and cash equivalents rose to $9,107 million, while marketable securities increased to $29,380 million. The company reported net cash provided by operating activities of $47,460 million for the nine months, significantly higher than $16,591 million in the same period last year.

Strategically, NVIDIA has focused on expanding its product offerings and capacity to meet growing demand, particularly for its Hopper architecture. The company has also initiated share repurchase programs, repurchasing 254 million shares for $26.2 billion in the first nine months of fiscal year 2025. Additionally, NVIDIA's Board of Directors approved a new $50 billion share repurchase authorization, with $46.4 billion remaining available as of the reporting date.

NVIDIA continues to navigate challenges related to U.S. export controls affecting sales to China, which may impact future revenue growth. The company is also managing increased inventory levels and complexities associated with its expanding product portfolio.