NVIDIA Announces Financial Results for First Quarter Fiscal 2024
May 25, 2023 -- NVIDIA (NASDAQ: NVDA) today reported revenue for the first quarter ended April 30, 2023, of $7.19 billion, down 13% from a year ago and up 19% from the previous quarter.
GAAP earnings per diluted share for the quarter were $0.82, up 28% from a year ago and up 44% from the previous quarter. Non-GAAP earnings per diluted share were $1.09, down 20% from a year ago and up 24% from the previous quarter.
"The computer industry is going through two simultaneous transitions — accelerated computing and generative AI,” said Jensen Huang, founder and CEO of NVIDIA. "A trillion dollars of installed global data center infrastructure will transition from general purpose to accelerated computing as companies race to apply generative AI into every product, service and business process. Our entire data center family of products — H100, Grace CPU, Grace Hopper Superchip, NVLink, Quantum 400 InfiniBand and BlueField-3 DPU — is in production. We are significantly increasing our supply to meet surging demand for them."
During the first quarter of fiscal 2024, NVIDIA returned to shareholders $99 million in cash dividends. NVIDIA will pay its next quarterly cash dividend of $0.04 per share on June 30, 2023, to all shareholders of record on June 8, 2023.
Q1 Fiscal 2024 Summary
NVIDIA’s outlook for the second quarter of fiscal 2024 is as follows:
- Revenue is expected to be $11.00 billion, plus or minus 2%.
- GAAP and non-GAAP gross margins are expected to be 68.6% and 70.0%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $2.71 billion and $1.90 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be an income of approximately $90 million, excluding gains and losses from non-affiliated investments.
- GAAP and non-GAAP tax rates are expected to be 14.0%, plus or minus 1%, excluding any discrete items.
Data Center Area Highlights
- First-quarter revenue was a record $4.28 billion, up 14% from a year ago and up 18% from the previous quarter.
- Launched four inference platforms that combine the company’s full-stack inference software with the latest NVIDIA Ada, NVIDIA Hopper and NVIDIA Grace Hopper processors.
- Announced that Google Cloud is the first cloud provider offering the new NVIDIA L4 Tensor Core GPU to accelerate generative AI applications.
- Introduced NVIDIA AI Foundations to help businesses create and operate custom large language models and generative AI models trained with their own proprietary data for domain-specific tasks.
- Unveiled the NVIDIA cuLitho software library for computational lithography to accelerate the design and manufacturing of next-gen semiconductors.
- Expanded its partners offering new products and services based on the NVIDIA H100 Tensor Core GPU — including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud Infrastructure.
- Partnered with ServiceNow to build generative AI across enterprise IT.
- Announced a collaboration with Medtronic to build an AI platform for medical devices.
- Joined with Dell Technologies in Project Helix to deliver full-stack solutions to help enterprises build and deploy trustworthy generative AI applications.
- Announced it is integrating NVIDIA AI Enterprise software into Microsoft’s Azure Machine Learning to help enterprises accelerate their AI initiatives.
For more from NVIDIA's results, click here.