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NVIDIA Financial Results for First Quarter Fiscal 2024, Gaming Down 38% YoY
NVIDIA 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," he said.
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.
Outlook
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.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
- 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.
Gaming
- First-quarter revenue was $2.24 billion, down 38% from a year ago and up 22% from the previous quarter.
- Announced the GeForce RTX 4060 family of GPUs, bringing the advancements of NVIDIA Ada Lovelace architecture and DLSS, starting at $299.
- Launched the GeForce RTX 4070 GPU based on the Ada architecture, which enables DLSS 3, real-time ray tracing and the ability to run most modern games at over 100 frames per second at 1440p resolution.
- Added 36 DLSS gaming titles, bringing the total number of games and apps to 300.
- Made path tracing available for the first time on a major gaming title through collaboration with CD PROJEKT RED on an update to Cyberpunk 2077.
- Expanded GeForce NOW's game titles to more than 1,600, including the first Microsoft Xbox game, Gears 5.
Professional Visualization
- First-quarter revenue was $295 million, down 53% from a year ago and up 31% from the previous quarter.
- Announced NVIDIA Omniverse Cloud, a fully managed service running in Microsoft Azure, for the development and deployment of industrial metaverse applications.
- Expanded its collaboration with Microsoft to connect Microsoft 365 applications with Omniverse.
- Announced six new NVIDIA RTX GPUs for mobile and desktop workstations based on the Ada architecture.
Automotive
- First-quarter revenue was a record $296 million, up 114% from a year ago and up 1% from the previous quarter.
- Announced that its automotive design win pipeline has grown to $14 billion over the next six years, up from $11 billion a year ago.
- Announced that the world's leading electric vehicle maker BYD will extend its use of NVIDIA DRIVE Orin across new models.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA's executive vice president and chief financial officer, is available at https://investor.nvidia.com/.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its first quarter fiscal 2024 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA's investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA's conference call to discuss its financial results for its second quarter of fiscal 2024.
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Denial
Senior Member
Posts: 14092
Joined: 2004-05-16
Senior Member
Posts: 14092
Joined: 2004-05-16
#6136024 Posted on: 05/26/2023 04:10 PM
times change
Intel was my first stock as i stuck to what my professors said in "invest in what you know", but they've never been cheap.
i first bought Apple during the hard times without Steve Jobs so the stock was dirt cheap. i bought Nvidia when they went public and promised Silicon Graphics quality for pc and all three companies are local to me and i interacted with the employees before i got a job where i'm a vendor so i knew the companies well.
as much as you might perceive i'm hard on or "against" Nvidia i'm not. it's "tough love" and 50% what the hell are you doing with my money.
the smartest thing Jen has ever done was to enable and cultivate the A.I. market to the point Nvidia is in the top ten companies in the world by valuation @ #7. and while the economy is mixed...which means bad for ground level, awesome at the top, Nvidia's selling to companies that if they aren't multi-billion/ state or uni research they're start-ups getting lots and lots of capital...not folks that earn a wage.
and they're acting like it. they could throw us a bone and one-up those skeezy Chinese vendors who sold mobile for laptop - as good as Lovelace is for the desktop, it's better for mobile and a bare bones line of mobile gpus as two slot, low power sloutions would sell faster than any Lovelace offering to date.
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
times change
Intel was my first stock as i stuck to what my professors said in "invest in what you know", but they've never been cheap.
i first bought Apple during the hard times without Steve Jobs so the stock was dirt cheap. i bought Nvidia when they went public and promised Silicon Graphics quality for pc and all three companies are local to me and i interacted with the employees before i got a job where i'm a vendor so i knew the companies well.
as much as you might perceive i'm hard on or "against" Nvidia i'm not. it's "tough love" and 50% what the hell are you doing with my money.
the smartest thing Jen has ever done was to enable and cultivate the A.I. market to the point Nvidia is in the top ten companies in the world by valuation @ #7. and while the economy is mixed...which means bad for ground level, awesome at the top, Nvidia's selling to companies that if they aren't multi-billion/ state or uni research they're start-ups getting lots and lots of capital...not folks that earn a wage.
and they're acting like it. they could throw us a bone and one-up those skeezy Chinese vendors who sold mobile for laptop - as good as Lovelace is for the desktop, it's better for mobile and a bare bones line of mobile gpus as two slot, low power sloutions would sell faster than any Lovelace offering to date.
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
tunejunky
Senior Member
Posts: 3470
Joined: 2017-08-18
Senior Member
Posts: 3470
Joined: 2017-08-18
#6136028 Posted on: 05/26/2023 04:17 PM
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
i only invest in "happy" companies, having worked for one for 20+ years
the financials of course are important but creativity and productivity come from people
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
i only invest in "happy" companies, having worked for one for 20+ years
the financials of course are important but creativity and productivity come from people
H83
Senior Member
Posts: 4845
Joined: 2009-09-08
Senior Member
Posts: 4845
Joined: 2009-09-08
#6136033 Posted on: 05/26/2023 04:30 PM
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
CUDA for me was the masterstroke from Nvidia, it was then they realized that there was much more than just making GPUs for gamers and started diversiving into several stuff that can use the GPUs performance.
The problem is that gamers became secundary after this...
Jens has done a bunch of higher level stuff that have been smart from a business perspective - CUDA was another big one imo. The company in general is well run and they take care of their employees - idk if that's entirely on Jens but it definitely was cultivated under his leadership. The glass door reviews for Nvidia are one of the highest in any industry. I think one of the most important things about being a technology company, especially one that lasts decades, is hiring the latest and greatest minds. A lot of these companies do that, create a great product, but then gain a monopoly leadership and start hiring bean counters. The core engineering group eventually leaves because there's nothing interesting going on and the company stagnates. This is what happened to Intel.
Nvidia has done the opposite - they constantly push internal projects, knowing a ton of them won't go anywhere because it keeps the engineering teams happy. They have insane benefits, great work environments, etc. They also have excellent hiring practices. I studied Computer Engineering at RIT and Nvidia was at every job fair and they had the best booths. One thing that they did that few other companies do is focus on the bigger picture when hiring - especially at colleges. I remember AMD/Intel/TI/Etc would always be like "hey come work on the latest SIMD v3 chip, blah blah technobabble" Nvidia was always like "Hey come help us detect cancer and save lives". It was easy to see why the best in the class would gravitate towards that - even if starting salaries were similar or slightly in favor of other companies.
CUDA for me was the masterstroke from Nvidia, it was then they realized that there was much more than just making GPUs for gamers and started diversiving into several stuff that can use the GPUs performance.
The problem is that gamers became secundary after this...
cucaulay malkin
Senior Member
Posts: 8251
Joined: 2020-08-03
Senior Member
Posts: 8251
Joined: 2020-08-03
#6136056 Posted on: 05/26/2023 05:23 PM
the invisible elbow of the market benefits all but gamers.
18662
the invisible elbow of the market benefits all but gamers.
18662
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Senior Member
Posts: 8251
Joined: 2020-08-03
so that's my perspective, long term for all three.
yeah, am5 will earn them a heap of money eventually. maybe not this early yet, but it's rather inevitable. tsmc has been making everyone their b**ch recently. sources say nvidia will go for samsung's 3nm GAA instead of tsmc, while amd will stay and pay the insane premiums for n3 (which apparently isn't even close to being as good as n7 and n5).