Nvidia (NVDA) earnings report Q1 2024 – EAST AUTO NEWS

Nvidia (NVDA) earnings report Q1 2024

Nvidia co-founder and CEO Jensen Huang attends an occasion in the course of the annual Computex pc exhibition in Taipei.

Tyrone Siu | Reuters

Nvidia reported first-quarter earnings for its fiscal 2024 on Wednesday, with a stronger-than-expected forecast that drove shares up 25% in prolonged buying and selling.

This is how the corporate did versus Refinitiv consensus estimates for the quarter ending in April:

  • EPS: $1.09, adjusted, versus $0.92 anticipated
  • Income: $7.19 billion, versus $6.52 billion anticipated

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Nvidia mentioned it anticipated about $11 billion, plus or minus 2%, within the present quarter, far surpassing Refinitiv expectations of $1.06 per share on $7.15 billion in gross sales.

Nvidia inventory is up 109% to this point in 2023, largely pushed by optimism stemming from the corporate’s main place available in the market for AI chips. Nvidia CEO Jensen Huang mentioned the corporate was seeing “surging demand” for its information middle merchandise.

Nvidia’s datacenter group reported $4.28 billion in gross sales, versus expectations of $3.9 billion, a 14% annual improve. Nvidia mentioned that the corporate’s efficiency was pushed by demand for the corporate’s GPU chips from cloud firms as properly and huge shopper web firms, which use Nvidia chips to coach and deploy generative AI functions like OpenAI’s ChatGPT.

Nvidia’s robust efficiency in information middle reveals that AI chips have gotten more and more vital for cloud suppliers and different firms that run giant quantities of servers.

Nonetheless, Nvidia’s gaming division, which incorporates the corporate’s graphics playing cards for PC gross sales, reported $2.24 billion in gross sales, versus expectations of $1.98 billion, though total income for the class was down 38% on an annual foundation. Nvidia blamed a slower macroeconomic setting as properly the ramp of the corporate’s newest GPUs for gaming for the decline.

Nvidia’s automotive division, together with chips and software program to develop self-driving automobiles grew 114% on a year-over-year foundation, however stays small at below $300 million in gross sales for the quarter.

Web revenue for the quarter was $2.04 billion, versus $1.62 billion from the identical interval final yr. Nonetheless, Nvidia’s total gross sales fell 13% on a year-over-year foundation.

Nvidia (NVDA) earnings report Q1 2024 – EAST AUTO NEWS


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