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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsNVIDIA reported $22.103 billion in revenue for fiscal Q4 2024, up 265% from a year earlier. The quarter ended January 28, 2024, and the company announced results on February 21, 2024. The increase was driven chiefly by Data Center sales, which rose 409% to $18.404 billion and made up about 83% of quarterly revenue.
What “up 265%” means
The comparison is with NVIDIA’s fiscal fourth quarter of 2023, which ended January 29, 2023—not with the preceding quarter. Revenue grew from $6.051 billion to $22.103 billion, an increase of about $16.052 billion. Put another way, the new total was about 3.65 times the prior-year amount: “up 265%” means the increase was 265% of the earlier figure, not that revenue reached 265% of it.
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Revenue also rose 22% sequentially from $18.120 billion in fiscal Q3 2024. NVIDIA’s fiscal year does not align exactly with the calendar year, so fiscal Q4 2024 should not be mistaken for October–December 2024. NVIDIA’s filing identifies the fiscal period and quarter-end date.
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Data Center accounted for most of the surge
Data Center revenue was $18.404 billion, compared with $3.616 billion in the year-earlier quarter. Its 409% growth rate substantially exceeded the company’s total growth rate, and its roughly 83% share of quarterly revenue shows how concentrated the result was in this business.
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| Business | Q4 FY2024 | Q4 FY2023 | Year-over-year change |
|---|---|---|---|
| Total revenue | $22.103 billion | $6.051 billion | +265% |
| Data Center | $18.404 billion | $3.616 billion | +409% |
| Gaming | $2.865 billion | $1.831 billion | +56% |
| Professional Visualization | $463 million | $226 million | +105% |
| Automotive | $281 million | $294 million | -4% |
| OEM and Other | $90 million | $84 million | +7% |
Figures are NVIDIA-reported quarterly revenue by market platform; see its quarterly revenue trend and earnings release.
Why customers were buying
NVIDIA attributed the increase primarily to higher shipments of its Hopper GPU computing platform, including H100-based systems, for large-language-model training and inference, generative-AI applications, and recommendation engines. Its customers included large cloud-service providers, GPU-focused cloud operators, enterprise software companies, and consumer-internet businesses.
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The sales were not simply a matter of customers buying standalone graphics cards. Data Center offerings encompassed accelerated-computing systems and related components, including InfiniBand networking. That broader platform helps explain why Data Center revenue should not be described as GPU sales alone. This is NVIDIA’s account of the drivers, not independent proof that each customer’s AI investment was profitable. See the company’s CFO commentary.
The revenue surge also produced much higher profit
For fiscal Q4 2024, NVIDIA reported GAAP gross margin of 76.0%, compared with 63.3% a year earlier; GAAP operating income of $13.615 billion, up 983%; and GAAP net income of $12.285 billion, up 769%. GAAP diluted earnings per share (EPS) was $4.93, up 765%. Separately, non-GAAP diluted EPS was $5.16, up 486%. GAAP and non-GAAP figures use different accounting treatments, so the adjusted EPS figure should not be confused with GAAP earnings or net income. The earnings release provides the company’s reported figures.
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Growth was uneven outside Data Center
Gaming revenue rose 56% year over year in the quarter, but growth across NVIDIA’s markets was far from uniform: Automotive revenue fell 4%, while Professional Visualization and OEM and Other grew from much smaller bases. The full fiscal year also gives a different view from the standout quarter: Gaming revenue grew 15% in fiscal 2024, compared with 217% growth in Data Center.
For the full fiscal year, NVIDIA reported revenue of $60.922 billion, up 126%; Data Center revenue of $47.525 billion, up 217%; GAAP net income of $29.760 billion, up 581%; and GAAP diluted EPS of $11.93, up 586%. The full-year figures show that the Q4 jump capped a year-long change in the company’s revenue mix rather than a single-quarter event. These annual figures are from NVIDIA’s fiscal Q4 2024 CFO commentary.
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How the result compared with expectations
The Associated Press reported that analysts had expected approximately $20.4 billion in quarterly revenue, below NVIDIA’s $22.103 billion result. That comparison reflects contemporary reporting on analyst expectations; it is separate from the 265% year-over-year calculation and is not an official NVIDIA forecast. The Associated Press account reported the comparison.
Risks behind the rapid growth
The figures describe a powerful quarter, not a guarantee that the pace would continue. NVIDIA’s reliance on Data Center makes results sensitive to major customers’ spending cycles, deployment schedules, and ability to earn returns from AI infrastructure. If customers slow or defer investment, or if AI models become less compute-intensive, demand could change.
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Shipments also depended on available advanced chips, packaging, memory, networking components, and manufacturing capacity. Strong orders do not remove those supply constraints. NVIDIA disclosed that U.S. licensing requirements affected Data Center demand in China, so demand was not equally unrestricted across geographies. Its Form 10-K discusses customer dependence, supply-chain constraints, competition, export restrictions, and other risks.
How to read the 265% headline today
The 265% figure is a historical year-over-year result for NVIDIA’s fiscal quarter ended January 28, 2024, announced February 21, 2024. It captures an early financial demonstration of the generative-AI infrastructure buildout: NVIDIA converted strong demand for AI computing into exceptionally high Data Center revenue. It does not mean every NVIDIA business grew at that rate, nor does it describe the company’s current growth rate.
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