NVDA Q1 2025 Earnings

Call Details

• Call Title: Nvidia Q1 2025 Earnings Call
• Date: May 22, 2024 at 9:00 PM UTC
• Management Team:
  • Simona Jankowski (Director of Investor Relations)
  • Colette Kress (Executive Vice President and Chief Financial Officer)
  • Jensen Huang (President and Chief Executive Officer)

Call Summary

Financial Performance

• Total revenue was $26B, up 18% sequentially and up 262% year-on-year, and above the outlook of $24B.
• Data center revenue was $22.6B, up 23% sequentially and up 427% year-on-year, driven by Hopper GPU adoption.
• Compute revenue grew more than 5x year-on-year while networking revenue grew more than 3x year-on-year.
• Gaming revenue was $2.65B, down 8% sequentially and up 18% year-on-year, consistent with seasonal expectations.
• Professional visualization revenue was $427M, down 8% sequentially and up 45% year-on-year.
• Automotive revenue was $329M, up 17% sequentially and up 11% year-on-year driven by AI cockpit and self-driving ramps.
• GAAP gross margin expanded to 78.4% and non-GAAP gross margin expanded to 78.9% on lower inventory charges.
• GAAP operating expenses were up 10% sequentially and non-GAAP operating expenses were up 13% sequentially.
• NVIDIA returned $7.8B to shareholders in the quarter via share repurchases and cash dividends.

Guidance

• Q2 revenue is expected to be $28B, plus or minus 2%, with sequential growth expected across all market platforms.
• GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points.
• Full-year gross margins are expected to be in the mid-70s percent range, consistent with the prior quarter's discussion.
• GAAP and non-GAAP operating expenses for Q2 are expected to be approximately $4B and $2.8B, respectively.
• Full-year operating expenses are expected to grow in the low 40% range versus prior year.
• GAAP and non-GAAP other income and expenses are expected to be an income of approximately $300M, excluding non-affiliated investment gains and losses.
• GAAP and non-GAAP tax rates are expected to be 17% plus or minus 1%, excluding discrete items.