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

According to news in the morning of August 24, Beijing time, Nvidia today announced the company's financial results for the second quarter of fiscal year 2024 ending July 30, 2023. According to the report, Nvidia's second-quarter revenue was $13.507 billion, up 101% from $6.704 billion in the same period last year and 88% from $7.192 billion in the previous quarter, a record; net profit was $6.188 billion, up 843% from $656 million in the same period last year and 203% from $2.043 billion in the previous quarter Adjusted net profit, not in accordance with US GAAP, was $6.74 billion, up 422 per cent from $1.292 billion a year earlier and up 148 per cent from $2.713 billion in the previous quarter. (note: the fiscal year of Nvidia is out of sync with the natural year. January 30, 2024 to January 29, 2024 is fiscal year 2023. )

Nvidia's adjusted earnings per share and revenue in the second quarter far exceeded Wall Street analysts' expectations, as did the outlook for third-quarter revenue, pushing its shares up more than 8 per cent in after-hours trading, breaking their 52-week high.

Main results: Nvidia's second-quarter net profit was $6.188 billion, up 843% from $656 million in the same period last year and 203% from $2.043 billion in the previous quarter; diluted income per share was $2.48, up 854% from $0.26 in the same period last year and 202% from $0.82 in the previous quarter.

Excluding certain one-time items (not in accordance with GAAP), Nvidia's adjusted net profit for the second quarter was $6.74 billion, up 422% from $1.292 billion in the same period last year and 148% from $2.713 billion in the previous quarter. Adjusted diluted earnings per share were $2.70, up 429% from $0.51 a year earlier and up 148% from $1.09 in the previous quarter, beating analysts' expectations. On average, 34 analysts had expected Nvidia to earn $2.09 a share in the second quarter, according to data provided by Yahoo Finance.

Nvidia's second-quarter revenue was $13.507 billion, up 101% from $6.704 billion a year earlier and up 88% from $7.192 billion in the previous quarter, which also beat analysts' expectations. On average, 33 analysts expect Nvidia's second-quarter revenue to reach $11.22 billion, according to Yahoo Finance.

By business category:-revenue from Nvidia's data center business in the second quarter was $10.32 billion, an increase of 171% over the same period last year and 141% over the previous quarter, a record

-Nvidia's gaming business had revenue of $2.49 billion in the second quarter, up 22% from a year earlier and 11% from the previous quarter.

-revenue from Nvidia's professional visualization business was $379 million in the second quarter, down 24% from a year earlier and up 28% from the previous quarter.

-Nvidia's motor vehicle business had revenue of $253 million in the second quarter, up 15 per cent from a year earlier and down 15 per cent from the previous quarter.

Nvidia's second-quarter gross profit was $9.462 billion, compared with $2.915 billion in the same period a year earlier and $4.648 billion in the previous quarter. Excluding certain one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit for the second quarter was $9.614 billion, compared with $3.074 billion in the same period last year and $4.802 billion in the previous quarter.

Nvidia's second-quarter gross profit margin was 70.1%, up 26.6 percentage points from 43.5% a year earlier and 5.5 percentage points from 64.6% in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross margin for the second quarter was 71.2%, up 25.3 percentage points from 45.9% in the same period last year and 4.4 percentage points from 66.8% in the previous quarter.

Nvidia's operating expenses were $2.662 billion in the second quarter, up 10 per cent from $2.416 billion a year earlier and 6 per cent from $2.508 billion in the previous quarter. Of this total, R & D expenditure was $2.04 billion, compared with $1.824 billion in the same period last year, and sales, general and administrative expenses were $622 million, compared with $592 million in the same period last year. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted operating expenses were $1.838 billion in the second quarter, up 5 per cent from $1.749 billion in the same period a year earlier and 5 per cent from $1.75 billion in the previous quarter.

Nvidia's second-quarter operating profit was $6.8 billion, up 1263% from $499 million a year earlier and 218% from $2.14 billion in the previous quarter. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted operating profit for the second quarter was $7.776 billion, up 487 per cent from $1.325 billion a year earlier and 155 per cent from $3.052 billion in the previous quarter.

Other financial information: in the second quarter, Nvidia returned $3.28 billion in cash to shareholders in the form of share buybacks and cash dividends, of which $3.28 billion was returned in the form of share buybacks, for a total of 7.5 million shares. Under the authorized share repurchase program, the remaining repurchase amount available to Nvidia was $3.95 billion at the end of the second quarter of fiscal 2024. On August 21, 2023, Nvidia's board approved a plan to buy back an additional $25 billion of shares with no expiration date. Nvidia said it planned to continue to buy back shares in the current fiscal year.

Nvidia will pay the next cash dividend of $0.04 per share on September 28, 2023 to all shareholders of record as of September 7, 2023.

Performance outlook: Nvidia expects revenue of $16 billion, up or down 2%, in the third quarter of fiscal 2024, a performance outlook that exceeded analysts' expectations. On average, 33 analysts expect Nvidia's third-quarter revenue to reach $12.61 billion, according to data provided by Yahoo Finance.

Nvidia also expects that in the third quarter of fiscal 2024, the company's gross profit margin in accordance with and not in accordance with GAAP is expected to reach 71.5% and 72.5%, respectively, fluctuating by 50 basis points; operating expenses in accordance with and without GAAP are expected to reach about $2.95 billion and $2 billion, respectively. Other income under and without GAAP is expected to amount to about $100 million, excluding gains and losses on unrelated investments; tax rates under and without GAAP are expected to be 14.5%, fluctuating by 1%.

Share price movements: Nvidia shares closed up $14.48, or 3.17%, at $471.16 in regular trading. In after-hours trading as of 05:27 EDT on the 23rd (05:27 Beijing time on the 24th), Nvidia shares rose another $41.62, or 8.83 per cent, to $512.78, breaking a 52-week high. In the 52 weeks to Wednesday's close, Nvidia's highest price was $481.87 and its lowest price was $108.13.

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