Graphic Chip Demand Grows Nvidia Sales By 34%
The demand of graphic chips in various industries such as gaming, data centres and cryptocurrency has bolstered Nvidia’s Q4 results pushing its sales up by 34 per cent to US$2.91bn.
Its net income grew 71 per cent to US$1.1bn and its operating income grew 46 per cent to US$1.07bn from US$733m.
Jensen Huang, founder and chief executive officer of Nvidia says the company achieved another record quarter, “In a powerful sign of our progress, attendees at NVIDIA’s GPU Technology Conferences reached 22,000, up tenfold in five years, as software developers working in AI, self-driving cars, and a broad range of other fields continued to discover the acceleration and money-saving benefits of our GPU computing platform.
“Industries around the world are racing to incorporate AI. Virtually every internet and cloud service provider has embraced our Volta GPUs. Hundreds of transportation companies are using our NVIDIA DRIVE platform. From manufacturing and healthcare to smart cities, innovators are using our platform to invent the future.”
For fiscal 2018, revenue was a record US$9.71bn, up 41 per cent from US$6.9bn in the prior year.
At the release of this news Nvidia shares soared 11 per cent taking it to a high of US$241 with shares surging 83 per cent in the past year, Reuters reports.
Read more about its results here.