Nvidia Corp. (NASDAQ: NVDA)
Nvidia Corp. (NASDAQ: NVDA) posted another quarter of record-breaking results, driven by the continued growth of artificial intelligence.
Revenue increased 94% year-on-year to US$35.1 billion and earnings per diluted share (EPS) was $0.81, up 19% from the previous quarter and up 103% from a year ago.
This was driven by strong results from the company’s data center division as revenue hit US$30.8 billion, up 112% from a year ago and up 17% from last quarter.
“The age of AI is in full steam, propelling a global shift to NVIDIA computing,” said Jensen Huang, founder and CEO of NVIDIA, in a statement.
Other divisions have also reported increases in revenue with gaming reporting a 15% year-on-year increase, driven by sales of Nvidia’s GeForce RTX 40 Series GPUs and game console SoCs.
Professional Visualization revenue was up 17% from a year ago and automotive revenue was a record, up 72% from a year ago.
As demand for Nvidia’s Hopper platforms and Blackwell AI infrastructure continue to grow, Nvidia expects total revenue for Q4 to be around US$35.7 billion.
Nvidia will pay its next quarterly cash dividend of $0.01 per share on 27 December 2024
Despite its strong show, Nvidia’s share price slipped to US$145.89 at the close of market on 20 November 2024.
Amazon.com Inc (NASDAQ: AMZN)
Amazon (NASDAQ: AMZN) reported a solid set of earnings in the third quarter with a 11% year-on-year increase in revenue. Operating income was $17.4 billion, up 56% year over year.
Earnings per diluted share stands at US$1.43.
Amazon Web Services (AWS) , the largest cloud service provider, reported a revenue increase of 19% to $27.5 billion, benefiting from the AI boom.
The company expects AWS to continue to make rapid progress in delivering AI capabilities as its generative AI technology adoption increases.
With its proprietary chips Trainium and Inferentia, and Bedrock and other AI-related solutions, Amazon expects AWS’ AI business to continue to grow at a triple-digit year-over-year percentage.
The company expects fourth quarter earnings to be between $181.5 billion and $188.5 billion, a 7% and 11% year on year increase.
Apple Inc. (NASDAQ: AAPL)
Apple (NASDAQ: AAPL) posted a better than anticipated set of results with quarterly revenue of U$94.9 billion, up 6 percent year-on-year.
This result was driven by strong sales performance of iPhones, setting a revenue record of $46.2 billion, up 6% from a year ago with growth in every geographic segment.
The company’s earnings per share of $0.97 was due to a one-time charge of 13 billion euros to Ireland for back taxes. Excluding which, the diluted earnings per share is US$1.64, a 12% year-on-year increase.
Apple services achieved an all-time revenue record of $25 billion, up 12% year-on-year, beating all-time revenue records across most of our categories.
A cash dividend of US$0.25 per share was declared.
Microsoft Corp (NASDAQ: MSFT)
Microsoft’s (NASDAQ: MSFT) revenue increased by 16% year-on-year to US$65.6 billion and operating income increased by 14% year-on-year to $30.6 billion.
Earnings per share is $3.30.
These results were driven by continued strength of Microsoft Cloud, which surpassed $38.9 billion in revenue, up 22%.
Microsoft Chair and CEO, Satya Nadella mentioned in an earnings call that Microsoft’s AI business is on track to surpass an annual revenue run rate of $10 billion next quarter. This makes it the fastest business in Microsoft’s history to reach this milestone.
Microsoft expects Azure to continue to drive revenue growth in the next quarter as capital investments create an increase in available AI capacity to serve more of the growing demand.
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Disclosure: Joanna Sng owns shares of Nvidia, Apple, Amazon, and Microsoft.
