- Nvidia’s revenue for Q3 2023 hit a record $18.12 billion, up 34% over last quarter and 206% over Q3 2022, driven by strong AI hardware sales
- Nvidia’s market cap has now reached $122 trillion as investors show confidence in the company’s growth
- While an export ban may reduce China revenue next quarter, Nvidia expects gains in other regions to offset any losses
Nvidia recently announced record third-quarter revenue for 2023 of $18.12 billion, beating estimates and continuing a growth trend over the last year. The strong quarter comes just after Nvidia stock hit an all-time high, showing investors’ confidence in the company’s performance and future.
Nvidia’s Revenue Growth Over the Past Year
- Revenue increased 34% over the last quarter
- Revenue increased 206% compared to Q3 2022
- Market cap now reaches $122 trillion
AI Hardware Sales Drive Record Growth
Nvidia founder and CEO Jensen Huang credited the growth primarily to sales of AI hardware. As Huang stated, AI startups, consumer internet companies, and cloud service providers were early adopters of Nvidia’s technology, and more industries are starting to follow suit.
Impact of the US Chip Export Ban
The record revenue comes amid a US ban on exporting certain chips to China and other countries. Previously, around 20-25% of Nvidia’s data center revenue came from China. While Nvidia expects the ban to significantly reduce its China business next quarter, its CFO said gains in other regions should offset any losses.