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

CTOnews.com November 22 news, Nvidia today announced the company's fiscal year 2024 third quarter results. According to the report, Nvidia's third-quarter revenue was $18.12 billion (CTOnews.com Note: currently about 129.377 billion yuan), up 206% from $5.931 billion in the same period last year and 34% from $13.507 billion in the previous quarter.

Nvidia's third-quarter net profit was $9.243 billion (currently about 65.995 billion yuan), up 1259% from $680 million a year earlier and 49% from $6.188 billion in the previous quarter. Adjusted net profit, which is not in accordance with US GAAP, was $10.02 billion (currently about 71.543 billion yuan), up 588% from $1.456 billion in the same period last year and 49% from $6.74 billion in the previous quarter (CTOnews.com Note: Nvidia's fiscal year is out of sync with the natural year, January 30, 2023 to January 29, 2024 is fiscal year 2024).

Nvidia's third-quarter revenue and adjusted earnings per share exceeded Wall Street analysts' expectations, and the outlook for fourth-quarter revenue also exceeded analysts' expectations. But at the same time, Nvidia expects its results for the next quarter to be negatively affected. Nvidia shares fell more than 1 per cent after the results were announced.

Main results of the third quarter:

For the quarter ended October 29, 2023, Nvidia's net profit was $9.243 billion, up 1259% from $680 million a year earlier and 49% from $6.188 billion in the previous quarter. Diluted earnings per share were $3.71, up 1274% from $0.27 a year earlier and 50% from $2.48 in the previous quarter.

Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted net profit for the third quarter was $10.02 billion, up 588% from $1.456 billion in the same period last year and 49% from $6.74 billion in the previous quarter. Adjusted diluted earnings per share were $4.02, up 593% from $0.58 a year earlier and 49% from $2.70 in the previous quarter, beating analysts' expectations. On average, 33 analysts expected Nvidia to earn $3.09 a share in the third quarter, according to data provided by Yahoo Finance.

Nvidia's third-quarter revenue was $18.12 billion, up 206% from $5.931 billion a year earlier and 34% from $13.507 billion in the previous quarter, which also beat analysts' expectations. On average, 32 analysts had expected Nvidia's revenue to reach $14.84 billion in the third quarter, according to Yahoo Finance.

By business category, Nvidia's data center business had revenue of $14.51 billion in the third quarter, up 279% from a year earlier and 41% from the previous quarter, the highest in the company's history. Nvidia's gaming business had revenue of $2.86 billion in the third quarter, up 81 per cent from a year earlier and 15 per cent from the previous quarter. Revenue from Nvidia's professional visualization business was $416 million in the third quarter, up 108 per cent from a year earlier and 10 per cent from the previous quarter. Revenue from Nvidia's motor vehicle business was $261 million in the third quarter, up 4 per cent from a year earlier and 3 per cent from the previous quarter.

Nvidia's third-quarter gross profit was $13.4 billion, compared with $3.177 billion a year earlier and $9.462 billion in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit for the third quarter was $13.583 billion, compared with $3.329 billion in the same period a year earlier and $9.614 billion in the previous quarter.

Nvidia's third-quarter gross margin was 74.0%, up 20.4 percentage points from 53.6% a year earlier and 3.9 percentage points from 70.1% in the previous quarter. Excluding some one-time items (not in accordance with GAAP), Nvidia's adjusted gross profit margin for the third quarter was 75.0%, up 18.9 percentage points from 56.1% in the same period last year and 3.8 percentage points from 71.2% in the previous quarter.

Nvidia's operating expenses were $2.983 billion in the third quarter, up 16% from $2.576 billion a year earlier and 12% from $2.662 billion in the previous quarter. Of this total, R & D expenditure was $2.294 billion, compared with $1.945 billion in the same period last year, and sales, general and administrative expenses were $689 million, compared with $631 million in the same period last year. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted operating expenses were $2.026 billion in the third quarter, up 13 per cent from $1.793 billion a year earlier and 10 per cent from $1.838 billion in the previous quarter.

Nvidia's third-quarter operating profit was $10.417 billion, up 1633 per cent from $601 million a year earlier and 53 per cent from $6.8 billion in the previous quarter. Excluding some one-time items (not in accordance with US GAAP), Nvidia's adjusted operating profit for the third quarter was $11.557 billion, up 652 per cent from $1.536 billion a year earlier and 49 per cent from $7.776 billion in the previous quarter.

Nvidia expects revenue of $20 billion (currently about 142.8 billion yuan) to rise or fall 2% in the fourth quarter of fiscal 2024, a performance outlook that exceeded analysts' expectations. On average, 31 analysts had expected Nvidia's fourth-quarter revenue to reach $16.38 billion, according to Yahoo Finance.

Nvidia also predicts that in the fourth quarter of fiscal 2024, the company's gross profit margin in accordance with and without GAAP is expected to reach 74.5% and 75.5%, respectively, fluctuating by 50 basis points; operating expenses in accordance with and not in accordance with GAAP are expected to reach about $3.17 billion and $2.2 billion, respectively. Other income under and without GAAP is expected to amount to about $200 million (excluding gains and losses on non-affiliated investments); tax rates under and without GAAP are expected to be 15.0%, fluctuating by 1%.

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