Nvidia seems to be doing everything right. Coming off a record year, the company continues its climb after recording $2.17 billion USD in Q4 revenue, pushing the company to $6.91 billion in annual revenue.
The company was able to increase its annual revenue by more than a billion, having finished the 2016 fiscal year with $5.01 billion.
“We had a great finish to a record year, with continued strong growth across all our businesses,” said Jen-Hsun Huang, founder and CEO of Nvidia.
It’s important to note that the company’s net income for the quarter rings in at $704 million after recording $498 million in operating expenses, among other things. In addition, the company’s net income for the year hit $1.6 billion after divesting $2.12 billion in operating expenses.
Nvidia spent the past year forging partnerships in new markets and strengthening its core markets. Not only did the company make significant progress with its new GTX 1050 and 1050 Ti mobile GPUs, but proceeded to broaden and expand its cloud gaming service GeForce Now.
“Our GPU computing platform is enjoying rapid adoption in artificial intelligence, cloud computing, gaming, and autonomous vehicle,” Huang went on to say.
The company formed several partnerships with Audi on the concept of AI cars, which have been projected to arrive on the road by 2020. Furthermore however, Nvidia introduced a new Shield TV, which brings the Google Assistant to TV, the Smart Things Technology Hub and the Nvidia Spot AI mic.
This signals a real push towards AI for the gaming hardware company, an area in which many other gaming hardware companies are not so far along.
“Deep learning on NVIDIA GPUs, a breakthrough approach to AI, is helping to tackle challenges such as self-driving cars, early cancer detection and weather prediction. We can now see that GPU-based deep learning will revolutionize major industries, from consumer internet and transportation to health care and manufacturing. The era of AI is upon us,” continued Huang.
The company predicts revenue for the first quarter of the 2018 fiscal year to total approximately $1.90 billion.