Shares of Nvidia Corporation rose more than 13% during pre-market trading on Thursday after the company revealed that it recorded record profits in the fourth quarter of fiscal 2024, driven by excitement about artificial intelligence.
The chip manufacturer's revenue increased during the last three months by 265% year-on-year, to reach 22.1 billion dollars, while net income increased by 765% in the said quarter, to reach 4.93 dollars. In addition, the company said that demand far exceeds supply for next-generation products.
Nvidia also sees no signs of a slowdown, and the company expects its revenue in the current quarter to reach 24 billion dollars, which far exceeds expectations.
The share price has now reached more than 770 dollars after it was yesterday at the levels of 650 dollars, and following this rise, the Nasdaq index rose and expectations of further growth in the coming period.
