Shares of Nvidia rallied in after-hours trading on Wednesday after the company reported a nearly 769 per cent surge in its last-quarter net profit and issued a bullish guidance, as demand for its graphics processing units, which are central to the surge in artificial intelligence boom, has soared.
The company’s net profit in the 2024 fiscal fourth quarter ending January 28 jumped to about $12.3 billion, from $1.4 billion in the same period a year earlier, Nvidia said in a statement. It was up 33 per cent on a quarterly basis.
Earnings per share jumped to $4.93, from 57 cents in the same period last year, while revenue soared more than 265 per cent annually to $22.1 billion, exceeding LSEG, formerly known as Refinitiv, expectations of more than $20.6 billion.
It was the company’s third consecutive quarter with more than $10 billion in revenue.
Nvidia's stock jumped over 9.4 per cent in after-hours trading to almost $735.74 a share after closing 2.9 per cent down at market close on Wednesday.
The Nasdaq-listed company's share price is up more than 40 per cent year-to-date. Nvidia's market value reached $1.67 trillion at the close of trading on Wednesday, positioning it firmly with Apple, Microsoft, Amazon and Alphabet – all of which have a 13-figure market cap.
The company’s market cap reached nearly $1.8 trillion last week, surpassing Alphabet and Amazon. It is currently behind only Microsoft and Apple.
“Nvidia is certainly not trading at bubble levels,” Thomas Monteiro, senior analyst at Investing.com, told The National.
The conditions are excellent for continued growth
Jensen Huang,
Nvidia’s founder and chief executive
“Despite the impressive bull run from the last two years, profitability and margins have followed even faster than we would have expected.
“If there is, in fact, overexcitement from the market, it is in the companies that are receiving funds to buy Nvidia chips, and not in Nvidia itself … not only did Nvidia surpass expectations, but it also did so by posting positive numbers on all key aspects.”
Nvidia’s 2024 full fiscal year net profit surged 581 per cent to $29.8 billion while its revenue increased 126 per cent to more than $60.9 billion during the period.
“Fundamentally the conditions are excellent for continued growth [in 2025 and beyond],” Nvidia’s founder and chief executive Jensen Huang said during the investors’ call.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations … vertical industries – led by auto, financial services and health care – are now at a multibillion-dollar level.”
The California-based company is now forecasting first-quarter revenue of about $24 billion, compared to the $22.17 billion forecast by LSEG analysts.
“The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward,” Mr Huang said.
Nvidia’s strong performance in the last quarter was primarily driven by its data centre business that manufactures A100 and H100 AI chips, used to build and run generative AI technologies such as ChatGPT.
The division’s fourth-quarter revenue stood at record $18.4 billion, up 27 per cent on a quarterly basis and 409 per cent from a year ago period. Full-year revenue rose 217 per cent to a record $47.5 billion.
Nvidia designs and manufactures AI hardware and software GPUs for various industries. GPUs can process various tasks simultaneously, making them useful for machine learning, video editing and gaming applications.
The company’s gaming unit added nearly $2.9 billion, up 56 per cent from the same quarter a year ago, in the November-January period. Full-year revenue jumped 15 per cent to $10.4 billion.
Before its AI chips gained momentum, Nvidia primarily focused on gaming graphics cards. However, some of its graphics cards are now used for AI purposes.
Nvidia’s professional visualisation and automotive units added $463 million (up 105 per cent) and $281 million (down 4 per cent), respectively, in the previous quarter.
The company said it would pay its next quarterly cash dividend of $0.04 per share on March 27 to all shareholders of record on March 6.
Why market analysts are optimistic on Nvidia
The market was poised to “sell the news” following Nvidia's earnings, given the sky-high expectations and deteriorating macro conditions, Mr Monteiro said.
“However, once again, the company left no doubt that the AI boom is much more than just a stock market narrative, but rather the most significant bet from corporations worldwide at this moment,” he added.
Despite the impressive bull run from the last two years, Nvidia's profitability and margins have followed even faster than we would have expected
Thomas Monteiro,
senior analyst at Investing.com
Nvidia, which went public in 1999, has established itself as a “trailblazer in the AI hardware domain”, Hong Kong-based Counterpoint Research wrote in a note on Wednesday.
The researcher predicts Nvidia’s AI product revenue to surge by 78 per cent yearly to reach $49.8 billion in 2024.
“This growth trajectory will be bolstered not just by the sustained reliance of cloud providers on Nvidia for their internal AI training and services but also by the expanding interest from the enterprise sector.
“The demand from enterprises is anticipated to escalate significantly, driven by their endeavours to integrate AI technologies into their core business strategies.”
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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THE%C2%A0SPECS
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Bombshell
Director: Jay Roach
Stars: Nicole Kidman, Charlize Theron, Margot Robbie
Four out of five stars
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
SPECS
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Scream%20VI
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Where to Find Me by Alba Arikha
Alma Books
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
UAE currency: the story behind the money in your pockets
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UAE currency: the story behind the money in your pockets
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Brief scores:
Toss: Pakhtunkhwa Zalmi, chose to field
Environment Agency: 193-3 (20 ov)
Ikhlaq 76 not out, Khaliya 58, Ahsan 55
Pakhtunkhwa Zalmi: 194-2 (18.3 ov)
Afridi 95 not out, Sajid 55, Rizwan 36 not out
Result: Pakhtunkhwa won by 8 wickets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
