Thanks to the outbreak of a new round of AI, Nvidia's financial reports for this season have once again directly "exploded". On November 22, Beijing time, NVIDIA released its financial report for the third quarter of the 2024 fiscal year as of October 29, 2023. According to data disclosure, Nvidia achieved revenue of 18.12 billion US dollars during the period, an increase of 206% year-on-year and 34% month on month. Net profit of 9.243 billion US dollars, a year-on-year increase of 1259%; The gross profit margin was 74%, an increase of 20.4% compared to the same period last year; Diluted earnings per share was $3.71, an increase of 1274% from $0.27 in the same period last year.
According to financial reports, Nvidia's revenue growth in this quarter has more than doubled, thanks to the contributions of its data center and gaming businesses. In this quarter, Nvidia Data Center's revenue reached $14.51 billion, an increase of 279% year-on-year and 41% month on month.
It is understood that NVIDIA's data center business is the key to providing services such as cloud computing and artificial intelligence. The company revealed that driven by the global demand for training and reasoning for large language models, recommendation engines, and generative AI applications, its HGX platform has seen strong sales growth. The financial report mentions that NVIDIA GH200 Grace Hopper Superchips will power over 40 new supercomputers and begin shipping in the third quarter of the 2024 fiscal year; And collaborate with a series of well-known companies to carry out AI programs, including Amdocs, Dropbox, Foxconn, and others.
As for the gaming business, NVIDIA's gaming revenue reached $2.86 billion, an increase of 81% year-on-year. In addition, the revenue of its professional visualization business and automotive business in this quarter was divided into $416 million and $261 million, representing a year-on-year increase of 108% and 4%, respectively.
At the financial report conference call, Nvidia executives stated that generative artificial intelligence is the largest and most disruptive software and hardware change seen in decades. With the wave of generative artificial intelligence technology sweeping across various industries, enterprises, and regions, I believe everyone will see more and more new developments. For Nvidia, it is at the beginning of this wave of computing change.
Looking ahead, Nvidia expects a revenue of $20 billion in the fourth quarter, with a fluctuation of 2%. According to Wind data, Nvidia's stock price has risen by over 241% since the beginning of this year. As of the deadline, NVIDIA's stock price was at $499.44 per share, with a market value of $1.2 trillion. Its competitor Intel has a stock price of $43.64 per share. However, with NVIDIA's stock price soaring this year, some institutions have reminded us to keep an eye on the decline in the popularity of artificial intelligence in this round.