Nvidia posted revenue of $2.91 billion (+34 percent) in Q4 and $9.71 billion (+41 percent) in 2017 thanks to its technology innovation.
Santa Clara, California-based Nvidia said its net income rose to $1.12 billion, or $1.78 per share, in the fourth quarter ended Jan. 28 from $655 million, or 99 cents per share, a year earlier.
A Reuters report said that the company is reaping the benefits from the launch of its Volta chip architecture last year. Volta processors power a range of technologies such as artificial intelligence and driverless cars.
Revenue from Nvidia’s data center business, which counts Microsoft’s Azure cloud business as its customer, has more than doubled to $606 million.
Nvidia’s revenue from gaming rose 29 percent to $1.74 billion, accounting for a more than half of its total revenue in the fourth quarter.
Nvidia said inventory levels of its gaming GPUs throughout the quarter was lower than historical channel inventory levels due to surging demand from cryptocurrency miners.
The boom in cryptocurrencies is also powering demand for chips from Nvidia and rival AMD as they provide the high computing ability required for cryptocurrency.
Nvidia CFO Colette Kress said: “While the overall contribution of cryptocurrency to our business remains difficult to quantify, we believe it was a higher percentage of revenue than the prior quarter.”
The company forecast current-quarter revenue of $2.90 billion, plus or minus 2 percent.
Jensen Huang, founder and chief executive officer of NVIDIA, said: “In a sign of progress, attendees at NVIDIA’s GPU Technology Conferences reached 22,000, up tenfold in five years, as software developers working in AI, self-driving cars, and a range of other fields continued to discover the acceleration and money-saving benefits of our GPU computing platform.”
“Industries around the world are racing to incorporate AI. Virtually every internet and cloud service provider has embraced our Volta GPUs. Hundreds of transportation companies are using our NVIDIA DRIVE platform. From manufacturing and healthcare to smart cities, innovators are using our platform to invent the future,” Jensen Huang said.