American electronics chip giant Nvidia has published results that beat expectations for the third quarter of its financial year, supported by “continuously improving” demand, according to CEO Jensen Huang. Net profit for the third quarter jumped 65% year over year to $31.9 billion, a statement said. The data was welcomed on Wall Street, where the group’s shares rose nearly 4% in electronic trading after the close. Revenue increased 62% compared to the same period last year, reaching $57 billion.
“Demand for computing power continues to increase,” added Huang, explaining: “AI is spreading everywhere and can do anything.” And Nvidia doesn’t see a slowdown, forecasting revenue growth of 65% for the quarter, a much faster pace than analysts expected. Santa Clara Group (California) also announced gross margins of between 74.8% and 75.0%, again for the fourth quarter (closed at the end of January), which was a level not seen for five quarters.
