Nvidia’s profits jump 770% to $12.3 billion during Q4

Nvidia revealed record profits amounting to $12.3 billion in the last quarter, with a growth of 769% year-on-year thanks to the huge demand for its chips to operate artificial intelligence systems.

Nvidia, the giant chip company in Silicon Valley, recorded record revenues of $22.1 billion in the quarter that ended in late January, and record revenues of $60.9 billion for the fiscal year.

The company said in its financial report issued after the close of Wednesday’s session that it recorded adjusted profits of $5.15 per share, compared to analysts’ expectations in the “Refinitiv” survey of $4.64 per share.

The company expects to achieve $24 billion in revenues during the current quarter, compared to analyst estimates that indicated earnings per share of $5 and revenues of $22.17 billion.

The company’s shares rose by 7.05% to $722.22 at 00:45 AM Mecca time, after ending Wednesday’s session down by 2.85%.

Data center business revenues increased by 409% to $18.40 billion, despite being affected by US restrictions on China, and gaming unit sales grew by 56% to $2.87 billion.