Profit for the quarter reached $19.3bn, a significant increase from its 2021 revenue of $16.6bn, highlighting Nvidia’s rapid rise in the tech industry.
Tech company Nvidia reported a staggering 94% revenue growth for the quarter and exceeding consensus by nearly $2bn. Profit for the quarter reached $19.3bn, a significant increase from its 2021 revenue of $16.6bn, highlighting Nvidia’s rapid rise in the tech industry.
Commenting on the results, Josh Gilbert, Market Analyst at eToro, said: “As was the case last quarter, the market may be slightly disappointed with its guidance despite beating analysts’ forecasts, given that it didn’t meet the highest expectations. Nvidia sees Q4 revenue at $37.5bn plus or minus 2%, which might be the headline the market dials in on. It’s only a small beat when investors have become accustomed to Nvidia raising its guidance in the billions. Given what we’ve come to expect from Nvidia, this wasn’t a blowout quarter, but it doesn’t change the long-term story in any way. Demand for its chips is phenomenal, AI is only getting started transforming industries, and Nvidia is in the best position to benefit from the wave of spending we’re seeing across enterprises.”
Despite the lower-than-expected guidance, Gilbert noted that any weakness in Nvidia’s stock following
the results will likely be seen as an opportunity for investors. However, he cautioned, “There are some question marks on supply and its reliance on big tech, but Nvidia seems to eliminate concerns each
quarter.”
