Nvidia exceed expectations with 265% revenue increase

With a lot of hype priced in ahead of Nvidia’s fourth quarter earnings release last Wednesday, the bar was already set high for the US chipmaker. In the run up to the release, its share price had risen more than 40% since the turn of the year, pushing it above Amazon and Google’s parent Alphabet to become the world’s fourth most valuable company behind Microsoft, Apple and Saudi Aramco.

In the event, Nvidia’s earnings report not only beat the high expectations but blew them out of the water. On the back of Artificial Intelligence (AI) frenzy, it revealed a 265% increase in quarterly revenues to $22.1 billion and predicted revenue in the current quarter will increase to $24 billion.

Revenues from data centres, operated by Amazon’s AWS, Alphabet’s Google Cloud and Microsoft’s Azure, jumped more than 400%, reaching $18.4 billion as companies placed bulk orders to buy chips in the race to develop new AI products.

TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.

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