Stock indices on three continents reached all-time highs on Thursday following Nvidia’s strong earnings report. Nvidia’s stock surged 16.4%, propelling the S&P 500 up 2.1% and the Nasdaq Composite up almost 3%.
The chipmaker’s market capitalisation soared by $277 billion, with year-to-date gains totalling $740 billion.
This comes after Nvidia reported record fourth-quarter results.
The company reported a revenue of $22.1 billion, up 22% from the previous quarter and 265% from a year ago. GAAP earnings per diluted share were $4.93, up 33% from the previous quarter and 765% from a year ago.
Non-GAAP earnings per diluted share were $5.16, up 28% from the previous quarter and 486% from a year ago.
For fiscal 2024, revenue rose 126% to $60.9 billion, with GAAP earnings per diluted share at $11.93, up 586% from a year ago, and non-GAAP earnings per diluted share at $12.96, up 288% from a year ago.
Nvidia will pay a quarterly cash dividend of $0.04 per share on March 27, 2024
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of Nvidia.
“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level.
