Shulou(Shulou.com)11/24 Report--

According to the news on the morning of February 23, Beijing time, Nvidia today announced the company's fourth quarter and full-year results for fiscal year 2023. According to the report, Nvidia's fourth-quarter revenue was $6.051 billion, down 21% from $7.643 billion in the same period last year and up 2% from $5.931 billion in the previous quarter. Net profit was $1.414 billion, down 53% from $3.003 billion in the same period last year, and up 108% from $680 million in the previous quarter Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted net profit for the fourth quarter was $2.174 billion, down 35 per cent from $3.35 billion a year earlier and up 49 per cent from $1.456 billion in the previous quarter.

Touyuan Pexels Nvidia's revenue and adjusted earnings per share in the fourth quarter of fiscal 2023 both beat Wall Street analysts' expectations, and results for the entire 2023 fiscal year also exceeded expectations. At the same time, Nvidia's outlook for revenue in the first quarter of fiscal 2024 was higher than expected, driving its shares up more than 7 per cent in after-hours trading.

Fourth quarter main results: Nvidia's net profit for the quarter ended January 29 was $1.414 billion, down 53% from $3.003 billion a year earlier and up 108% from $680 million in the previous quarter; diluted earnings per share were 57%, down 52% from $1.18 a year earlier and up 111% from $0.27 in the previous quarter.

Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted net profit for the fourth quarter was $2.174 billion, down 35% from $3.35 billion in the same period last year and up 49% from $1.456 billion in the previous quarter. Adjusted diluted earnings per share were $0.88, down 33% from $1.32 a year earlier and up 52% from $0.58 in the previous quarter, beating analysts' expectations. On average, 29 analysts expected Nvidia's adjusted earnings per share to reach 85 cents a share in the fourth quarter, according to data provided by Yahoo Finance.

Nvidia's fourth-quarter revenue was $6.051 billion, down 21% from $7.643 billion a year earlier and up 2% from $5.931 billion in the previous quarter, which also beat analysts' expectations. On average, 28 analysts had expected Nvidia's fourth-quarter revenue to reach $6.01 billion, according to Yahoo Finance.

Nvidia's fourth-quarter gross profit was $3.833 billion, compared with $4.999 billion a year earlier and $3.177 billion in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit was $3.999 billion in the fourth quarter, compared with $5.124 billion in the same period a year earlier and $3.329 billion in the previous quarter.

Nvidia's fourth-quarter gross margin was 63.3%, down 2.1 percentage points from 65.4% a year earlier and up 9.7 percentage points from 53.6% in the previous quarter. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted gross margin was 66.1 per cent in the fourth quarter, down 0.9 percentage points from 67.0 per cent in the same period last year and up 10.0 percentage points from 56.1 per cent in the previous quarter.

Nvidia's fourth-quarter operating expenses were $2.576 billion, up 27% from $2.029 billion a year earlier and unchanged from $2.576 billion in the previous quarter. Of this total, Nvidia spent $1.951 billion on research and development in the fourth quarter, compared with $1.466 billion in the same period last year, and sales, general and administrative expenses were $625 million, compared with $563 million in the same period last year. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted operating expenses were $1.775 billion in the fourth quarter, up 23 per cent from $1.447 billion a year earlier and down 1 per cent from $1.793 billion in the previous quarter.

Nvidia's fourth-quarter operating profit was $1.257 billion, down 58 per cent from $2.97 billion a year earlier and up 109 per cent from $601 million in the previous quarter. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted operating profit in the fourth quarter was $2.224 billion, down 40 per cent from $3.677 billion a year earlier and up 45 per cent from $1.536 billion in the previous quarter.

Main results for the full year: for the entire fiscal year 2023, Nvidia's net profit was $4.368 billion, down 55% from $9.752 billion in fiscal 2022, and diluted earnings per share were $1.74, down 55% from $3.85 in fiscal 2022.

Excluding some one-time items (not in accordance with GAAP), Nvidia's net profit for fiscal 2023 was $8.366 billion, down 26% from $11.259 billion in fiscal 2022; diluted earnings per share were $3.34, down 25% from $4.44 in fiscal 2022, but the performance still beat analysts' expectations. On average, 33 analysts expected Nvidia's adjusted earnings per share in fiscal 2023 to reach $3.27, according to data provided by Yahoo Finance.

Nvidia's revenue in fiscal 2023 was $26.974 billion, roughly the same as the $26.914 billion in fiscal 2022, which also beat analysts' expectations. On average, 38 analysts had expected Nvidia's revenue to reach $26.92 billion in fiscal 2023, according to Yahoo Finance.

Nvidia posted a gross profit of $15.356 billion in fiscal 2023, compared with $17.475 billion in fiscal 2022. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit was $15.965 billion in fiscal 2023, compared with $17.969 billion in fiscal 2022.

Nvidia's gross profit margin for fiscal 2023 was 56.9%, down 8.0 percentage points from 64.9% in fiscal 2022. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit margin for fiscal 2023 was 59.2%, down 7.6 percentage points from 66.8% in fiscal 2022.

Nvidia's operating expenses were $11.132 billion in fiscal 2023, up 50 per cent from $7.434 billion in fiscal 2022. Of this total, Nvidia spent $7.339 billion on R & D in fiscal 2023, compared with $5.268 billion in fiscal 2022; $2.44 billion in sales, general and administrative expenses, compared with $2.166 billion in fiscal 2022; and $1.353 billion in termination costs. by contrast, there is no such expense in fiscal 2022. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted operating expenses were $6.925 billion in fiscal 2023, up 31 per cent from $5.279 billion in fiscal 2022.

Nvidia's operating profit was $4.224 billion in fiscal 2023, down 58 per cent from $10.041 billion in fiscal 2022. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted operating profit for fiscal 2023 was $9.04 billion, down 29% from $12.69 billion in fiscal 2022.

Other financial information: in the fourth quarter of fiscal 2023, Nvidia returned a total of $1.15 billion in cash to shareholders through share buybacks and cash dividends, bringing the company's total cash return to shareholders to $10.44 billion for the entire fiscal year 2023.

Nvidia will pay the next quarterly cash dividend of $0.04 per share to all shareholders of record as of March 8, 2023 on March 29, 2023.

Performance outlook: Nvidia expects revenue in the first quarter of fiscal 2024 to reach $6.5 billion, up or down 2%, exceeding analysts' expectations. On average, 27 analysts had expected Nvidia's first-quarter revenue to reach $6.33 billion, according to Yahoo Finance.

Nvidia also predicts that in the first quarter of fiscal 2024, the company's gross profit margin in accordance with and without GAAP is expected to reach 64.1% and 66.5%, respectively, fluctuating by 50 basis points; operating expenses in accordance with and without GAAP are expected to reach about $2.53 billion and $1.78 billion, respectively. Other income under and without GAAP is expected to reach about $50 million (excluding gains and losses on non-affiliated investments); tax rates under and without GAAP are expected to reach about 13.0%, up and down 1%.

Share price movements: on the day, Nvidia shares closed up 99 cents, or 0.48%, at $207.54 in regular Nasdaq trading. Nvidia shares rose another $14.90, or 7.18%, to $222.44 in after-hours trading as of 04:58 EDT on the 22nd (05:58 Beijing time on the 23rd). Over the past 52 weeks, Nvidia has priced as high as $289.46 and as low as $108.13.

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