Results are out

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%

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.

Revenue

$22,103

$18,120

$6,051

Up 22%

Up 265%

Gross margin

76.0%

74.0%

63.3%

Up 2.0 pts

Up 12.7 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%

Revenue

$22,103

$18,120

$6,051

Up 22%

Up 265%

Gross margin

76.7%

75.0%

66.1%

Up 1.7 pts

Up 10.6 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%

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%

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.