Nvidia posts record $18B third quarter revenue, cites generative AI as primary driver

Nvidia announced third quarter revenue for 2023 in the amount of $18.12 billion, a company record, as the firm’s market cap now reaches $1.22 trillion.

The better-than-expected earnings follow a 12-month growth trend during which the company saw earnings increase by 34% over last quarter, and 206% over Q3 2022.

While the company beat estimates, the strong quarter likely didn’t surprise investors or shareholders as the company’s stock recently spiked to an all time high of $499.60 per share.

Nvidia founder and CEO Jensen Huang credited the growth to AI hardware sales:

“Our strong growth reflects the broad industry platform transition from general-purpose to accelerated computing and… Read more on Cointelegraph

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