NVDA Q2 2024 Earnings

Call Details

• Call Title: Nvidia Q2 2024 Earnings Call
• Date: August 22, 2023 9:00 PM UTC
• Management Team:
  • Simona Jankowski (Director of Investor Relations)
  • Jensen Huang (President and Chief Executive Officer)
  • Colette Kress (Executive Vice President and Chief Financial Officer)

Call Summary

Financial Performance

• Record Q2 revenue was $13.51B, which was up 88% sequentially and up 101% year on year.
• Data center revenue was a record $10.32B, which was up 141% sequentially and up 171% year on year.
• Data center compute revenue nearly tripled year on year and networking revenue almost doubled year on year.
• Gaming revenue was $2.49B, which was up 11% sequentially and up 22% year on year.
• Professional visualization revenue was $375M, which was up 28% sequentially and down 24% year on year.
• Automotive revenue was $253M, which was down 15% sequentially and up 15% year on year.
• GAAP gross margin expanded to 70.1% and non-GAAP gross margin was 71.2%.
• Sequential GAAP operating expenses increased 6% and sequential non-GAAP operating expenses increased 5% driven primarily by higher compensation and benefits.

Guidance

• Total revenue for Q3 is expected to be $16B, plus or minus 2%.
• Sequential growth for Q3 is expected to be driven largely by data center with gaming and professional visualization also contributing.
• GAAP gross margin for Q3 is expected to be 71.5% and non-GAAP gross margin is expected to be 72.5%, each plus or minus 50 basis points.
• GAAP operating expenses for Q3 are expected to be approximately $2.95B and non-GAAP operating expenses are expected to be approximately $2.0B.
• GAAP and non-GAAP other income and expenses are expected to be an income of approximately $100M, excluding gains and losses from non-offensive investments.
• GAAP and non-GAAP tax rates are expected to be 14.5% plus or minus 1%, excluding any discrete items.
• Company stated that supply will continue to ramp and that demand visibility extends into next year.