NVDA Q1 2024 Earnings

Call Details

• Call Title: Nvidia Q1 2024 Earnings Call
• Date: May 24, 2023 at 9:00 PM UTC
• Management Team:
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)
  • Simona Jankowski (Director of Investor Relations)

Call Summary

Financial Performance

• Total Q1 revenue was $7.19B, up 19% sequentially and down 13% year on year.
• Data center revenue was a record $4.28B, up 18% sequentially and up 14% year on year.
• Gaming revenue was $2.24B, up 22% sequentially and down 38% year on year.
• Professional visualization revenue was $295M, up 31% sequentially and down 53% year on year.
• Automotive revenue was $296M, up 1% sequentially and up 114% year on year.
• GAAP gross margin was 64.6% and non-GAAP gross margin was 66.8% in the quarter.
• Sequential GAAP operating expenses were down 3% and non-GAAP operating expenses were down 1% versus the prior quarter.

Guidance

• Company guidance for Q2 total revenue is $11B, plus or minus 2%, and the increase is expected to be largely driven by data center demand.
• Company guidance expects GAAP gross margin of 68.6% and non-GAAP gross margin of 70%, each plus or minus 50 basis points for Q2.
• Company guidance expects GAAP operating expenses of approximately $2.71B and non-GAAP operating expenses of approximately $1.9B for Q2.
• Company guidance expects GAAP and non-GAAP other income and expenses to be income of approximately $90M for Q2, excluding gains/losses from non-affiliated investments.
• Company guidance expects an effective tax rate of approximately 14%, plus or minus 1% for Q2, excluding discrete items.
• Company guidance expects capital expenditures of approximately $300M to $350M for Q2.
• Company commentary states that data center visibility has extended out a few quarters and that the company has procured substantially higher supply for the second half of the fiscal year.