NVIDIA has released its Q4 financial report, announcing $6.05 billion in revenue, which is a 21% decrease YoY and a 2% increase from the previous quarter.
GAAP earnings per diluted share for the quarter stood at $0.57, down 52% YoY but up by 111% from the previous quarter. Non-GAAP earnings per diluted share for the quarter amounted to $0.88, which is down by 33% YoY but up by 52% from the previous quarter.
For fiscal 2023, NVIDIA's revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago, while non-GAAP earnings per diluted share were $3.34, down 25% from a year ago.
Jensen Huang, the founder and CEO of NVIDIA, stated that the Artificial Intelligence (AI) industry is at a crucial turning point, where it is experiencing a surge in demand across all industries, from startups to major enterprises. The versatility and capabilities of generative AI are accelerating interest in this area. Huang added that NVIDIA is ready to help customers benefit from breakthroughs in generative AI and large language models. The company's new AI supercomputer, featuring H100, its Transformer Engine, and Quantum-2 networking fabric, is now in full production.
Based on current exchange rates, the estimated revenue for NVIDIA's Q4 earnings is €5.02 billion, and the estimated market price per share is €186.54.
"Gaming is recovering from the post-pandemic downturn, with gamers enthusiastically embracing the new Ada architecture GPUs with AI neural rendering," he said.
NVIDIA AI Cloud Service Offerings
NVIDIA is partnering with leading cloud service providers to offer AI-as-a-service that provides enterprises access to NVIDIA's world-leading AI platform.
Customers will be able to engage each layer of NVIDIA AI - the AI supercomputer, acceleration libraries software or pretrained generative AI models - as a cloud service.
Using their browser, they will be able to engage an NVIDIA DGX AI supercomputer through the NVIDIA DGX Cloud, which is already offered on Oracle Cloud Infrastructure, with Microsoft Azure, Google Cloud Platform and others expected soon. At the AI platform software layer, they will be able to access NVIDIA AI Enterprise for training and deploying large language models or other AI workloads. And at the AI-model-as-a-service layer, NVIDIA will offer its NeMo and BioNeMo customizable AI models to enterprise customers who want to build proprietary generative AI models and services for their businesses.
Further details will be shared at the company's GTC developer conference, taking place virtually March 20-23.
Return to Shareholders
During the fourth quarter of fiscal 2023, NVIDIA returned to shareholders $1.15 billion in share repurchases and cash dividends, bringing the return in the fiscal year to $10.44 billion.
NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 29, 2023, to all shareholders of record on March 8, 2023.
Outlook
NVIDIA's outlook for the first quarter of fiscal 2024 is as follows:
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
Gaming
Professional Visualization
Automotive and Embedded
Q4 Fiscal 2023 Summary
| GAAP | ||||||||
| ($ in millions, except earnings per share) | Q4 FY23 | Q3 FY23 | Q4 FY22 | Q/Q | Y/Y | |||
| Revenue | $6,051 | $5,931 | $7,643 | Up 2% | Down 21% | |||
| Gross margin | 63.3% | 53.6% | 65.4% | Up 9.7 pts | Down 2.1 pts | |||
| Operating expenses | $2,576 | $2,576 | $2,029 | -- | Up 27% | |||
| Operating income | $1,257 | $601 | $2,970 | Up 109% | Down 58% | |||
| Net income | $1,414 | $680 | $3,003 | Up 108% | Down 53% | |||
| Diluted earnings per share | $0.57 | $0.27 | $1.18 | Up 111% | Down 52% | |||
| Non-GAAP | ||||||||
| ($ in millions, except earnings per share) | Q4 FY23 | Q3 FY23 | Q4 FY22 | Q/Q | Y/Y | |||
| Revenue | $6,051 | $5,931 | $7,643 | Up 2% | Down 21% | |||
| Gross margin | 66.1% | 56.1% | 67.0% | Up 10.0 pts | Down 0.9 pts | |||
| Operating expenses | $1,775 | $1,793 | $1,447 | Down 1% | Up 23% | |||
| Operating income | $2,224 | $1,536 | $3,677 | Up 45% | Down 40% | |||
| Net income | $2,174 | $1,456 | $3,350 | Up 49% | Down 35% | |||
| Diluted earnings per share | $0.88 | $0.58 | $1.32 | Up 52% | Down 33% | |||
Fiscal 2023 Summary
| GAAP | |||||
| ($ in millions, except earnings per share) | FY23 | FY22 | Y/Y | ||
| Revenue | $26,974 | $26,914 | -- | ||
| Gross margin | 56.9% | 64.9% | Down 8.0 pts | ||
| Operating expenses | $11,132 | $7,434 | Up 50% | ||
| Operating income | $4,224 | $10,041 | Down 58% | ||
| Net income | $4,368 | $9,752 | Down 55% | ||
| Diluted earnings per share | $1.74 | $3.85 | Down 55% | ||
| Non-GAAP | |||||
| ($ in millions, except earnings per share) | FY23 | FY22 | Y/Y | ||
| Revenue | $26,974 | $26,914 | -- | ||
| Gross margin | 59.2% | 66.8% | Down 7.6 pts | ||
| Operating expenses | $6,925 | $5,279 | Up 31% | ||
| Operating income | $9,040 | $12,690 | Down 29% | ||
| Net income | $8,366 | $11,259 | Down 26% | ||
| Diluted earnings per share | $3.34 | $4.44 | Down 25% |
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