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® DGX™ Cloud on AWS.
- Announced that Amgen will use the NVIDIA DGX SuperPOD™ to power insights into drug discovery, diagnostics and precision medicine.
- Announced NVIDIA NeMo™ 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™ 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™ 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™ 40 SUPER Series GPUs, starting at $599, which support the latest NVIDIA RTX™ 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™ 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.