NVIDIA reported that its results for the fourth quarter of fiscal year 2023 exceeded Wall Street expectations, writes CNBC.

Wall Street analysts expected the company’s revenue to reach $20.62 billion, while the actual result was $22.10 billion. Experts predicted earnings per share at $4.64, while the actual figure was $5.16.

The company reported a net profit of $12.29 billion for the quarter. This is 769% more than a year earlier.

In the current quarter, NVIDIA expects revenue of $24 billion, while analysts estimate potential revenue of $22.17 billion.

NVIDIA’s total revenue grew by 265% year-on-year. The main factor behind this was the sale of GPUs for the company’s AI servers.

Hopper processors in particular have been selling well, with the H100 being one of the most popular. Despite this, the company thinks there will be a shortage of B100 processors for the next generation.

“We are delighted that supply of Hopper architecture products is improving. Demand for Hopper remains very strong. We can expect our next-generation products to be supply constrained as demand far exceeds supply,” said Colette Kress, the company’s chief financial officer.