NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024
-- Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from
year ago
-- Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up
409% from year ago
-- Record full-year revenue of $60.9 billion, up 126%
SANTA CLARA, Calif., Feb. 21, 2024 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.
For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.
For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share was $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share was $12.96, up 288% from a year ago.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.
“Our Data Center platform is powered by increasingly diverse drivers — demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries — led by auto, financial services and healthcare — are now at a multibillion-dollar level.
“NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” he said.
NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.
Q4 Fiscal 2024 Summary
GAAP
------------------------------------------------------------------
($ in millions,
except earnings
per share) Q4 FY24 Q3 FY24 Q4 FY23 Q/Q Y/Y
Revenue $22,103 $18,120 $6,051 Up 22% Up 265%
Up 12.7
Gross margin 76.0% 74.0% 63.3% Up 2.0 pts pts
Operating
expenses $3,176 $2,983 $2,576 Up 6% Up 23%
Operating income $13,615 $10,417 $1,257 Up 31% Up 983%
Net income $12,285 $9,243 $1,414 Up 33% Up 769%
Diluted earnings
per share $4.93 $3.71 $0.57 Up 33% Up 765%
Non-GAAP
------------------------------------------------------------------
($ in millions,
except earnings
per share) Q4 FY24 Q3 FY24 Q4 FY23 Q/Q Y/Y
Revenue $22,103 $18,120 $6,051 Up 22% Up 265%
Up 10.6
Gross margin 76.7% 75.0% 66.1% Up 1.7 pts pts
Operating
expenses $2,210 $2,026 $1,775 Up 9% Up 25%
Operating income $14,749 $11,557 $2,224 Up 28% Up 563%
Net income $12,839 $10,020 $2,174 Up 28% Up 491%
Diluted earnings
per share $5.16 $4.02 $0.88 Up 28% Up 486%
Fiscal 2024 Summary
GAAP
($ in millions, except earnings
per share) FY24 FY23 Y/Y
Revenue $60,922 $26,974 Up 126%
Gross margin 72.7% 56.9% Up 15.8 pts
Operating expenses $11,329 $11,132 Up 2%
Operating income $32,972 $4,224 Up 681%
Net income $29,760 $4,368 Up 581%
Diluted earnings per share $11.93 $1.74 Up 586%
Non-GAAP
($ in millions, except earnings
per share) FY24 FY23 Y/Y
Revenue $60,922 $26,974 Up 126%
Gross margin 73.8% 59.2% Up 14.6 pts
Operating expenses $7,825 $6,925 Up 13%
Operating income $37,134 $9,040 Up 311%
Net income $32,312 $8,366 Up 286%
Diluted earnings per share $12.96 $3.34 Up 288%
Outlook
NVIDIA’s outlook for the first quarter of fiscal 2025 is as follows:
-- Revenue is expected to be $24.0 billion, plus or minus 2%.
-- GAAP and non-GAAP gross margins are expected to be 76.3% and 77.0%,
respectively, plus or minus 50 basis points.
-- GAAP and non-GAAP operating expenses are expected to be approximately
$3.5 billion and $2.5 billion, respectively.
-- GAAP and non-GAAP other income and expense are expected to be an income
of approximately $250 million, excluding gains and losses from
non-affiliated investments.
-- GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%,
excluding any discrete items.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
-- Fourth-quarter revenue was a record $18.4 billion, up 27% from the
previous quarter and up 409% from a year ago. Full-year revenue rose 217%
to a record $47.5 billion.
-- Launched, in collaboration with Google, optimizations across NVIDIA's
data center and PC AI platforms for Gemma, Google's groundbreaking open
language models.
-- Expanded its strategic collaboration with Amazon Web Services to host
NVIDIA(R) DGX(TM) Cloud on AWS.
-- Announced that Amgen will use the NVIDIA DGX SuperPOD(TM) to power
insights into drug discovery, diagnostics and precision medicine.
-- Announced NVIDIA NeMo(TM) Retriever, a generative AI microservice that
lets enterprises connect custom large language models with enterprise
data to deliver highly accurate responses for AI applications.
-- Introduced NVIDIA MONAI(TM) cloud APIs to help developers and platform
providers integrate AI into their medical-imaging offerings.
-- Announced that Singtel will bring generative AI services to Singapore
through energy-efficient data centers that the telco is building with
NVIDIA Hopper(TM) architecture GPUs.
-- Introduced plans with Cisco to help enterprises quickly and easily deploy
and manage secure AI infrastructure.
-- Supported the National Artificial Intelligence Research Resource pilot
program, a major step by the U.S. government toward a shared national
research infrastructure.
Gaming
-- Fourth-quarter revenue was $2.9 billion, flat from the previous quarter
and up 56% from a year ago. Full-year revenue rose 15% to $10.4 billion.
-- Launched GeForce RTX(TM) 40 SUPER Series GPUs, starting at $599, which
support the latest NVIDIA RTX(TM) technologies, including DLSS 3.5 Ray
Reconstruction and NVIDIA Reflex.
-- Announced generative AI capabilities for its installed base of over 100
million RTX AI PCs, including Tensor-RT(TM) LLM to accelerate inference
on large language models, and Chat with RTX, a tech demo that lets users
personalize a chatbot with their own content.
-- Introduced microservices for the NVIDIA Avatar Cloud Engine, allowing
game and application developers to integrate state-of-the-art generative
AI models into non-playable characters.
-- Reached the milestone of 500 AI-powered RTX games and applications
utilizing NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies.
Professional Visualization
-- Fourth-quarter revenue was $463 million, up 11% from the previous quarter
and up 105% from a year ago. Full-year revenue rose 1% to $1.6 billion.
-- Announced adoption of NVIDIA Omniverse(TM) by the global
automotive-configurator ecosystem.
-- Announced the NVIDIA RTX 2000 Ada Generation GPU, bringing the latest AI,
graphics and compute technology to compact workstations.
Automotive
-- Fourth-quarter revenue was $281 million, up 8% from the previous quarter
and down 4% from a year ago. Full-year revenue rose 21% to $1.1 billion.
-- Announced further adoption of its NVIDIA DRIVE(R) platform, with Great
Wall Motors, ZEEKR and Xiaomi using DRIVE Orin(TM) to power intelligent
automated-driving systems and Li Auto selecting DRIVE Thor(TM) as its
centralized car computer.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2024 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2025.