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

Beijing time on May 25 morning news, Nvidia today announced the company's fiscal year 2024 first quarter earnings report.

According to the report, Nvidia's first-quarter revenue was $7.192 billion, down 13% from $8.288 billion a year earlier and up 19% from $6.051 billion in the previous quarter; net profit was $2.043 billion, up 26% from $1.618 billion a year earlier and 44% from $1.414 billion in the previous quarter; Excluding certain one-time items (not in accordance with GAAP), Nvidia's adjusted net income for the fiscal first quarter was $2.713 billion, down 21% from $3.443 billion a year earlier and up 25% from $2.174 billion in the previous quarter.

Nvidia's first-quarter adjusted earnings and revenue exceeded Wall Street analysts 'expectations, and the company's outlook for second-quarter revenue in fiscal 2024 far exceeded expectations, sending its shares up more than 28% after hours to break through a 52-week high.

Source Pexels 'main results for the first quarter:

For the fiscal quarter ended April 30, 2023, Nvidia's net profit was $2.043 billion, up 26% from $1.618 billion in the same period last year and 44% from $1.414 billion in the previous quarter. Diluted earnings per share were $0.82, up 28% from $0.64 a year ago and up 44% from $0.57 in the prior quarter.

Excluding certain one-time items Nvidia's adjusted net income (not in accordance with GAAP) for the first quarter was $2.713 billion, down 21% from $3.443 billion a year earlier and up 25% from $2.174 billion in the previous quarter. Adjusted diluted earnings per share were $1.09, down 20% from $1.36 a year ago and up 24% from $0.88 in the prior quarter, beating analysts 'expectations. The average of 31 analysts had expected Nvidia to earn $0.92 a share in the first quarter, according to data provided by Yahoo Finance.

Nvidia's first-quarter revenue of $7.192 billion, down 13% from $8.288 billion a year earlier and up 19% from $6.051 billion in the previous quarter, also beat analysts 'expectations. According to data provided by Yahoo Finance, 31 analysts on average had expected Nvidia's fiscal first quarter revenue to reach $6.52 billion.

By business segment, Nvidia's gaming revenue for the first quarter was $2.24 billion, down 38% from a year earlier but up 22% from the previous quarter; data center revenue was $4.28 billion, a record in company history, up 14% from a year earlier and up 18% from the previous quarter; Professional visualization revenue was $295 million, down 53% from a year ago but up 31% from the previous quarter; automotive revenue was $296 million, up 114% from a year ago and up 1% from the previous quarter.

Nvidia's gross profit for the fiscal first quarter was $4.648 billion, compared with $5.431 billion a year ago and $3.833 billion in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit for the fiscal first quarter was $4.802 billion, compared with $5.563 billion a year ago and $3.999 billion in the previous quarter.

Nvidia's gross margin was 64.6% in the first quarter, down 0.9 percentage points from 65.5% a year earlier and up 1.3 percentage points from 63.3% in the previous quarter. Excluding certain one-time items (not under GAAP), Nvidia's adjusted gross margin was 66.8% in the first quarter, down 0.3 percentage points from 67.1% a year ago and up 0.7 percentage points from 66.1% in the previous quarter.

Nvidia's operating expenses were $2.508 billion in the first quarter, down 30% from $3.563 billion a year earlier and down 3% from $2.576 billion in the previous quarter. Among them, R & D expenditure was 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; merger 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 GAAP), Nvidia's adjusted operating expenses for the fiscal first quarter were $1.750 billion, up 9% from $1.608 billion a year ago and down 1% from $1.775 billion in the prior quarter.

Nvidia's first-quarter operating profit was $2.14 billion, up 15% from $1.868 billion a year earlier and up 70% from $1.257 billion in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), Nvidia's adjusted operating profit for the fiscal first quarter was $3.052 billion, down 23% from $3.955 billion a year earlier and up 37% from $2.224 billion in the previous quarter.

Other 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 registered shareholders as of June 8, 2023.

Performance Outlook:

Nvidia expects revenue of $11 billion, up or down 2%, for the second quarter of fiscal 2024, a far better outlook than analysts had expected. According to data provided by Yahoo Finance, 30 analysts had expected Nvidia's second-quarter revenue to reach $7.15 billion, on average.

Nvidia also expects gross margins of 68.6% and 70.0%, respectively, in the second quarter of fiscal year 2024, up and down 50 basis points; operating expenses are expected to reach approximately $2.71 billion and $1.90 billion, respectively, in accordance with and not in accordance with GAAP; Other income is expected to be about $90 million both under and outside GAAP, excluding gains and losses from investments in unrelated businesses; the tax rate is expected to be 14.0 percent both under and outside GAAP, up or down 1 percent.

Share price movements:

Nvidia shares closed down $1.50, or 0.49 percent, at $305.38 in regular Nasdaq trading that day. In subsequent after-hours trading as of 5:20 p.m. ET on the 24th (5:20 a.m. Beijing time on the 25th), Nvidia shares rose sharply by $85.64 to $391.02, or 28.04%, breaking through a 52-week high. Nvidia's highest price in the past 52 weeks through wednesday's close was $318.28 and its lowest was $108.13.

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