NVIDIA Reports Financial Results for Q4 and Fiscal 2023
Strong Revenue and Earnings Drive Share Price
NVIDIA (NVDA) reported record revenue for the fourth quarter and fiscal year 2023, driven by strong demand for its graphics processing units (GPUs) and artificial intelligence (AI) products. The company's stock rose significantly following the announcement.
Q4 Results
In Q4 2023, NVIDIA reported revenue of $6.05 billion, a 21% increase year-over-year. Net income surged by 53% to $1.9 billion, resulting in earnings per share (EPS) of $0.88, exceeding analysts' expectations.
Fiscal Year Results
For the full fiscal year 2023, NVIDIA achieved revenue of $26.91 billion, an impressive 21% growth compared to the previous year. Net income increased by 43% to $6.54 billion, leading to EPS of $2.91.
Market Reaction
Investors reacted positively to NVIDIA's financial results, with its stock price rising by over 8% in after-hours trading. Analysts attributed the rally to strong demand for NVIDIA's GPUs in gaming, data centers, and other applications.
Key Drivers of Growth
NVIDIA cited several factors contributing to its financial success in Q4 and fiscal 2023, including:
* Increased adoption of AI and machine learning applications * Strong demand for high-performance gaming GPUs * Expansion into new markets, such as automotive and healthcare
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