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Nvidia Q1 net profit up 26% YoY, up 44% YoY, share price soars 28% after hours

Nvidia announced today the company’s financial report for the first quarter of the 2024 fiscal year.

According to the report, Nvidia’s revenue in the first fiscal quarter was US$7.192 billion, a decrease of 13% compared with US$8.288 billion in the same period last year, and an increase of 19% compared with US$6.051 billion in the previous quarter; net profit was US$2.043 billion, an increase of 26% compared with the US$1.618 billion in the same period last year, and an increase of 44% compared with the US$1.414 billion in the previous quarter; Adjusted net profit for the quarter was US$2.713 billion, down 21% from US$3.443 billion in the same period last year and up 25% from US$2.174 billion in the previous quarter.

Nvidia’s adjusted earnings per share and revenue in the first quarter exceeded Wall Street analysts’ expectations, and the company’s outlook for revenue in the second quarter of fiscal 2024 also far exceeded expectations, which drove its stock price to rise sharply after hours. 28%, breaking through the highest price in 52 weeks.


Image source Pexels

Key results for the first fiscal quarter:

In the fiscal quarter ended April 30, 2023, Nvidia’s net profit was US$2.043 billion, an increase of 26% compared with US$1.618 billion in the same period last year, and an increase of 44% compared with US$1.414 billion in the previous quarter. %; diluted earnings per share was $0.82, an increase of 28% compared with $0.64 in the same period last year and an increase of 44% compared with $0.57 in the previous quarter.

Excluding certain one-time items (not in accordance with US GAAP), Nvidia’s adjusted net profit in the first fiscal quarter was US$2.713 billion, a decrease of 21% compared with US$3.443 billion in the same period last year, and a decrease of 21% compared with the previous quarter. Adjusted diluted earnings per share were $1.09, down 20% from $1.36 in the same period last year and up 24% from $0.88 in the previous quarter. exceeded analyst expectations. According to data provided by Yahoo Finance Channel, 31 analysts had expected Nvidia’s first-quarter earnings per share to reach $0.92 on average.

Nvidia’s revenue in the first quarter was US$7.192 billion, a decrease of 13% compared with US$8.288 billion in the same period last year, and an increase of 19% compared with US$6.051 billion in the previous quarter. This performance also exceeded analyst expectations. According to data provided by Yahoo Finance Channel, 31 analysts had previously expected Nvidia’s first-quarter revenue to reach $6.52 billion on average.

Divided by business sector, Nvidia’s first-quarter gaming business revenue was US$2.24 billion, a decrease of 38% compared with the same period last year, but an increase of 22% compared with the previous quarter; data center business revenue was US$4.28 billion , setting a new record in the company’s history, an increase of 14% compared with the same period last year and an increase of 18% compared with the previous fiscal quarter; professional visualization business revenue was $295 million, a decrease of 53% compared with the same period last year, However, compared with the previous quarter, it increased by 31%; the automotive business revenue was 296 million US dollars, an increase of 114% compared with the same period of the previous year, and an increase of 1% compared with the previous quarter.

Nvidia’s gross profit in the first quarter was $4.648 billion, compared with $5.431 billion in the same period last year and $3.833 billion in the previous quarter. Excluding certain one-time items (not in accordance with US GAAP), Nvidia’s adjusted gross profit in the first quarter was $4.802 billion, compared with $5.563 billion in the same period last year and $3.999 billion in the previous quarter.

Nvidia’s first-quarter gross profit margin was 64.6%, a decrease of 0.9 percentage points from 65.5% in the same period last year, and an increase of 1.3 percentage points from 63.3% in the previous quarter. Excluding certain one-time items (not in accordance with US GAAP), Nvidia’s adjusted gross profit margin in the first quarter was 66.8%, down 0.3 percentage points from 67.1% in the same period last year, and compared with the previous quarter’s 66.1%, an increase of 0.7 percentage points.

Nvidia’s first-quarter operating expenses were $2.508 billion, down 30% from $3.563 billion in the same period last year, and down 3% from $2.576 billion in the previous quarter. Among them, research and development expenses were US$1.875 billion, compared with US$1.618 billion in the same period last year; sales, general and administrative expenses were US$633 million, compared with US$592 million in the same period last year; M&A termination expenses were zero, compared with US$1.353 billion in the same period last year. Excluding certain one-time items (not in accordance with US GAAP), Nvidia’s adjusted operating expenses in the first quarter were $1.750 billion, an increase of 9% compared with $1.608 billion in the same period last year, and compared with the previous quarter Compared with the US$1.775 billion, it decreased by 1%.

Nvidia’s first-quarter operating profit was $2.140 billion, a 15% increase from $1.868 billion in the same period last year and a 70% increase from $1.257 billion in the previous quarter. Excluding certain one-time items (not in accordance with US GAAP), Nvidia’s adjusted operating profit in the first quarter was US$3.052 billion, a decrease of 23% from US$3.955 billion in the same period last year, and a decrease of 23% from the previous quarter. Compared with the 2.224 billion US dollars, it increased by 37%.

Additional financial information:

In the first quarter of fiscal 2024, Nvidia returned $99 million in cash to shareholders in the form of cash dividends. On June 30, 2023, NVIDIA will pay its next quarterly cash dividend of $0.04 per share to all shareholders of record through June 8, 2023.

Performance outlook:

Nvidia expects the company’s revenue to reach $11 billion in the second quarter of fiscal 2024, plus or minus 2%, a performance outlook that far exceeds analysts’ previous expectations. According to data provided by Yahoo Finance Channel, 30 analysts had expected Nvidia’s second-quarter revenue to reach $7.15 billion on average.

Nvidia also expects that in the second fiscal quarter of fiscal year 2024, the company’s gross profit margins in accordance with and not in accordance with US GAAP are expected to reach 68.6% and 70.0%, respectively, with a fluctuation of 50 basis points; Expenses are expected to be approximately $2.71 billion and $1.90 billion, respectively; GAAP and non-GAAP other income are expected to be approximately $90 million, excluding gains and losses from investments in unaffiliated businesses; The GAAP tax rate is expected to be 14.0%, plus or minus 1%.

Stock price change:

On the same day, Nvidia’s stock price closed down $1.50 in regular Nasdaq trading to $305.38, a drop of 0.49%. In subsequent after-hours trading as of 5:20 pm Eastern Time on the 24th (5:20 am Beijing Time on the 25th), Nvidia’s stock price rose sharply by US$85.64 to US$391.02, an increase of 28.04%, breaking the 52-week high price. In the past 52 weeks as of the U.S. stock market’s close on Wednesday, Nvidia’s highest price was $318.28 and its lowest price was $108.13.

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Stephen Cruise
Stephen Cruisehttps://www.techgoing.com
Stephen Cruise is a senior editor covering latest smartphones, EVs, PC gaming, console, and tech with 11 years of experience.

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