NVDA Q4 2024 Earnings

Call Details

• Call Title: Nvidia Q4 2024 Earnings Call
• Date: February 21, 2024 at 10:00 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

• Total revenue for the quarter was $22.1 billion, up 22% sequentially and up 265% year on year versus the prior year.
• Fiscal 2024 revenue was $60.9 billion, which was up 126% from the prior year.
• Data center revenue in Q4 was $18.4 billion, up 27% sequentially and up 409% year on year, and fiscal 2024 data center revenue was $47.5 billion, more than tripling from the prior year.
• Compute revenue grew more than 5x year on year while networking revenue tripled year on year in the fiscal 2024 period.
• GAAP gross margin expanded sequentially to 76% and non-GAAP gross margin expanded to 76.7% in Q4, with gross margin benefit attributed to favorable component costs.
• Gaming revenue was $2.87 billion, flat sequentially and up 56% year on year, while pro-visualization revenue was $463 million, up 11% sequentially and up 105% year on year.

Guidance

• Total revenue for Q1 fiscal 2025 is expected to be $24 billion, plus or minus 2%.
• GAAP gross margin for Q1 is expected to be 76.3% and non-GAAP gross margin is expected to be 77%, each plus or minus 50 basis points.
• Beyond Q1, gross margins are expected to return to the mid-70s percent range for the remainder of the fiscal year.
• GAAP and non-GAAP operating expenses for Q1 are expected to be approximately $3.5 billion and $2.5 billion, respectively.
• Fiscal year 2025 GAAP and non-GAAP operating expenses are expected to grow in the mid-30% range year on year.
• GAAP and non-GAAP other income and expenses are expected to be an income of approximately $250 million, and GAAP and non-GAAP tax rates are expected to be 17% plus or minus 1%, excluding discrete items.