NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024


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

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.

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