Wednesday, February 21st 2024

NVIDIA Announces Q4 and Fiscal 2024 Results, Clocks 126% YoY Revenue Growth, Gaming Just 1/6th of Data Center Revenues

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Feb 21st, 2024 20:11 Discuss (40 Comments)

NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago. For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.

For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share was $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share was $12.96, up 288% from a year ago. "Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations," said Jensen Huang, founder and CEO of NVIDIA.

"Our Data Center platform is powered by increasingly diverse drivers—demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies. Vertical industries—led by auto, financial services and healthcare—are now at a multibillion-dollar level.

"NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month's GTC, where we and our rich ecosystem will reveal the exciting future ahead," he said.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.

Outlook
NVIDIA's outlook for the first quarter of fiscal 2025 is as follows:

Revenue is expected to be $24.0 billion, plus or minus 2%.
GAAP and non-GAAP gross margins are expected to be 76.3% and 77.0%, respectively, plus or minus 50 basis points.
GAAP and non-GAAP operating expenses are expected to be approximately $3.5 billion and $2.5 billion, respectively.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $250 million, excluding gains and losses from non-affiliated investments.
GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:

Data Center

Fourth-quarter revenue was a record $18.4 billion, up 27% from the previous quarter and up 409% from a year ago. Full-year revenue rose 217% to a record $47.5 billion.
Launched, in collaboration with Google, optimizations across NVIDIA's data center and PC AI platforms for Gemma, Google's groundbreaking open language models.
Expanded its strategic collaboration with Amazon Web Services to host NVIDIA DGX Cloud on AWS.
Announced that Amgen will use the NVIDIA DGX SuperPOD to power insights into drug discovery, diagnostics and precision medicine.
Announced NVIDIA NeMo Retriever, a generative AI microservice that lets enterprises connect custom large language models with enterprise data to deliver highly accurate responses for AI applications.
Introduced NVIDIA MONAI cloud APIs to help developers and platform providers integrate AI into their medical-imaging offerings.
Announced that Singtel will bring generative AI services to Singapore through energy-efficient data centers that the telco is building with NVIDIA Hopper architecture GPUs.
Introduced plans with Cisco to help enterprises quickly and easily deploy and manage secure AI infrastructure.
Supported the National Artificial Intelligence Research Resource pilot program, a major step by the U.S. government toward a shared national research infrastructure.

Gaming

Fourth-quarter revenue was $2.9 billion, flat from the previous quarter and up 56% from a year ago. Full-year revenue rose 15% to $10.4 billion.
Launched GeForce RTX 40 SUPER Series GPUs, starting at $599, which support the latest NVIDIA RTX technologies, including DLSS 3.5 Ray Reconstruction and NVIDIA Reflex.
Announced generative AI capabilities for its installed base of over 100 million RTX AI PCs, including Tensor-RT LLM to accelerate inference on large language models, and Chat with RTX, a tech demo that lets users personalize a chatbot with their own content.
Introduced microservices for the NVIDIA Avatar Cloud Engine, allowing game and application developers to integrate state-of-the-art generative AI models into non-playable characters.
Reached the milestone of 500 AI-powered RTX games and applications utilizing NVIDIA DLSS, ray tracing and other NVIDIA RTX technologies.

Professional Visualization

Fourth-quarter revenue was $463 million, up 11% from the previous quarter and up 105% from a year ago. Full-year revenue rose 1% to $1.6 billion.
Announced adoption of NVIDIA Omniverse by the global automotive-configurator ecosystem.
Announced the NVIDIA RTX 2000 Ada Generation GPU, bringing the latest AI, graphics and compute technology to compact workstations.

Automotive

Fourth-quarter revenue was $281 million, up 8% from the previous quarter and down 4% from a year ago. Full-year revenue rose 21% to $1.1 billion.
Announced further adoption of its NVIDIA DRIVE platform, with Great Wall Motors, ZEEKR and Xiaomi using DRIVE Orin to power intelligent automated-driving systems and Li Auto selecting DRIVE Thor as its centralized car computer.

CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA's executive vice president and chief financial officer, is available at this page.

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40 Comments on NVIDIA Announces Q4 and Fiscal 2024 Results, Clocks 126% YoY Revenue Growth, Gaming Just 1/6th of Data Center Revenues

R0H1T

Profits up almost 7x then operating income up nearly 8x & revenues more than doubled, talk about robbing the blind/sheep o_O

I hope this doesn't blow up as bad as crypto or worse, like 2008 :shadedshu:

A&P211

Stock jumped up 9% in after hours trading, it dropped 5% yesterday and 2% today. 75% margin, at this rate, Nvidia is just stealing money from people/companies.

nguyen

Gaming revenue looks to be consistent, PCMR still going strong baby

pk67

A&P211Stock jumped up 9% in after hours trading, it dropped 5% yesterday and 2% today. 75% margin, at this rate, Nvidia is just stealing money from people/companies.

Very good news for gamers in long term perspective cos it means higher momentum toward even more advanced nodes and more investments in manufacturing capabilities. As a result we will see more powerfull gpu's for less at the bottom in current market cycle .

A&P211

pk67Very good news for gamers in long term perspective cos it means higher momentum toward even more advanced nodes and more investments in manufacturing capabilities. As a result we will see more powerfull gpu's for less at the bottom in current market cycle .

oh dear, if you think that Nvidia is doing it for the gamers, let me give you bad news. At this point, Nvidia is doing it for AI.

wolf

Performance Enthusiast

nguyenGaming revenue looks to be consistent, PCMR still going strong baby

Exactly, anyone that thinks just because datacentre/AI etc brings in significantly more means that they 'don't care' about the GPU market is delusional. It's still a massive business in its own right and can and will still be funded and operated accordingly. If anything I would wager more will be poured into it, not less. One being a bigger source of revenue does not necessitate the neglect of another arm of the business, they'd be fools to not keep the pressure and momentum going.

Of course they're not doing it for gamers, they're doing it for money, but with product/feature reputation as it is, it makes them gobs of money.

oxrufiioxo

Damn, Nvidia's gaming segment obliterated AMDs even though they really only care about AI..... AMD is trending in the wrong direction as far as gaming revenue is concerned I wonder how much longer they can be a charity for people who cannot afford Nvidia gpu's. No wonder they are ditching the high end.

nguyenGaming revenue looks to be consistent, PCMR still going strong baby

I do wish the semi custom business was separate with the Switch on Nvidia's side and the 3 consoles on the AMD side as well as a bunch of handhelds using their hardware..... Guessing if we subtracted that the discrete market on the AMD side is pretty dire at least from a revenue perspective.

nguyen

wolfExactly, anyone that thinks just because datacentre/AI etc brings in significantly more means that they 'don't care' about the GPU market is delusional. It's still a massive business in its own right and can and will still be funded and operated accordingly. If anything I would wager more will be poured into it, not less. One being a bigger source of revenue does not necessitate the neglect of another arm of the business, they'd be fools to not keep the pressure and momentum going.

Of course they're not doing it for gamers, they're doing it for money, but with product/feature reputation as it is, it makes them gobs of money.

It's more of wishful thinkings that Nvidia would wind down their PC gaming business and let their competitors get a leg up :D. Nvidia is getting more and more negotiating power over at TSMC that I think their next-gen GPUs will have the best node available (making them even more premium)

oxrufiioxoI do wish the semi custom business was separate with the Switch on Nvidia's side and the 3 consoles on the AMD side as well as a bunch of handhelds using their hardware..... Guessing if we subtracted that the discrete market on the AMD side is pretty dire at least from a revenue perspective.

I remember the last time AMD/Nvidia separate semi-custom business in their earning call, Nvidia was earning 500mil from Switch sale and AMD's ~1bil from consoles sale. Nvidia gaming division wins by a landslide in OEM/Laptop space...

Papusan

oxrufiioxoAMD is trending in the wrong direction as far as gaming revenue is concerned I wonder how much longer they can be a charity for people who cannot afford Nvidia gpu's. No wonder they are ditching the high end.

They prefer maximizing profits from old silicon/Gpu's

China’s special graphics card RX 6750 GRE is too cheap! AMD takes action: fines, suspension of goods

At the end of January, AMD issued an internal notice to AIB brand manufacturers and dealers, requiring that the prices of RX 6750 GRE 10/12GB must be strictly controlled, with the lowest prices being 2,149 yuan and 2,379 yuan respectively.

#10

oxrufiioxo

nguyenI remember the last time AMD/Nvidia separate semi-custom business in their earning call, Nvidia was earning 500mil from Switch sale and AMD's ~1bil from consoles sale. Nvidia gaming division wins by a landslide in OEM/Laptop space...

Honestly glad they have the deals with Sony/Microsoft it's probably the only thing profitable enough in the gaming section to drive them to try and compete with Nvidia and even though for the most part Nvidia acts like Amd doesn't exist we are still better off with multiple hardware makers.

PapusanThey prefer maximizing profits from old silicon/Gpu's

China’s special graphics card RX 6750 GRE is too cheap! AMD takes action: fines, suspension of goods

At the end of January, AMD issued an internal notice to AIB brand manufacturers and dealers, requiring that the prices of RX 6750 GRE 10/12GB must be strictly controlled, with the lowest prices being 2,149 yuan and 2,379 yuan respectively.

I have a 6700XT it's honestly a pretty great 300-330 usd gpu much better than the 7600 anyway.... I usually pick up a low/mid tier amd product here and there just to keep up with their drivers on the gpu side.

#11

ThrashZone

Hi,
Well they haven't got a dime from me in years :laugh:

When was 10 series lol that the last I donated :slap:

#12

wolf

Performance Enthusiast

ThrashZoneWell they haven't got a dime from me in years :laugh:
When was 10 series lol that the last I donated :slap:

10 series was the last time you purchased goods, they're not a charity and you received a product in return. Surely there's enough to criticise without needing to be hyperbolic?

oxrufiioxoI have a 6700XT it's honestly a pretty great 300-330 usd gpu much better than the 7600 anyway.... I usually pick up a low/mid tier amd product here and there just to keep up with their drivers on the gpu side.

I'm considering going to the midrange every gen purchase cycle over high end every 2 gens... I really don't know in the current market and what's upcoming, but what's evident to me especially building the retro rig and testing many cards is good (upper)midrange products net you the lion share of the performance and all of the feature set. Still likely an unnecessary purchase but it's a huge hobby of mine.

#13

A&P211

ThrashZoneHi,
Well they haven't got a dime from me in years :laugh:

When was 10 series lol that the last I donated :slap:

Your system specs says otherwise.

#14

oxrufiioxo

wolf10 series was the last time you purchased goods, they're not a charity and you received a product in return. Surely there's enough to criticise without needing to be hyperbolic?

I'm considering going to the midrange every gen purchase cycle over high end every 2 gens... I really don't know in the current market and what's upcoming, but what's evident to me especially building the retro rig and testing many cards is good (upper)midrange products net you the lion share of the performance and all of the feature set. Still likely an unnecessary purchase but it's a huge hobby of mine.

From my main system to secondary system a card has to last me 4 years so it is 80/90 class only and on AMD side their top card or bust Although their top card hasn't gone into one of my systems since the 7970/290X days. I do usually grab something in the 3-400 usd range from AMD every 3-4 years though just to keep up with their drivers.... Especially at the low end 300 usd or less I still recommend their cards when doing builds especially when they come with more vram so I have to be at least somewhat familiar with their hardware on a personal level.....

#15

Bwaze

pk67Very good news for gamers in long term perspective cos it means higher momentum toward even more advanced nodes and more investments in manufacturing capabilities. As a result we will see more powerfull gpu's for less at the bottom in current market cycle .

Tha never, NEVER materialized, and never will.

We have been hearing that when the cyptoadicts pumped Nvidia full of money.

"Imagine what Nvidia will do with all that money, the research, cheaper products etc!"

All we got was a higher price baseline which never came down even as crypto inevitably crashed.

You can be excited by the AI, you can be excited by the company and stock value growth, but don't pretend gamers will get anything out of this, except lower stock, higher prices, and less value in the eyes of Nvidia.

"Gamers? We're serious company now, not nerd gadget makers!"

#16

upt

76% margin! holy c...

Cue Digital Foundry 'analysts' (esp. R.L.): 'nvidia says unfortunately GPU prices have to go up because the cost of transistors has increased'...

Does anybody else find their 'financial/market' analysis mostly idiotic?

Anyway, end rant.

#17

pk67

BwazeTha never, NEVER materialized, and never will.

We have been hearing that when the cyptoadicts pumped Nvidia full of money.

"Imagine what Nvidia will do with all that money, the research, cheaper products etc!"

All we got was a higher price baseline which never came down even as crypto inevitably crashed.

You can be excited by the AI, you can be excited by the company and stock value growth, but don't pretend gamers will get anything out of this, except lower stock, higher prices, and less value in the eyes of Nvidia.

"Gamers? We're serious company now, not nerd gadget makers!"

You didn't got my point i see. I didn't wrote nNidia will do a lot more stuff for gamers nor nVidia is manufacturer. Now the industry is on the road toward uphill in the market cycle thanks to AI rush. nVidia generated strong momentum for big investments in WHOLE industry. New manufacturing capacities and capabilities will stay within industry even when AI rush will disapear. So good days for gamers will come along downturn cycle in industry. That was my whole point.

#18

Bwaze

pk67You didn't got my point i see. I didn't wrote nNidia will do a lot more stuff for gamers nor nVidia is manufacturer. Now the industry is on the road toward uphill in the market cycle thanks to AI rush. nVidia generated strong momentum for big investments in WHOLE industry. New manufacturing capacities and capabilities will stay within industry even when AI rush will disapear. So good days for gamers will come along downturn cycle in industry. That was my whole point.

And the whole point of my answer was that this happened before - the sudden inrush of orders, the large amont of extra cash, and then the downturn - in the form of cryptocrazes in late 2017 and then again in late 2020.

Still waiting for the good times from those "capacities and capabilities".

#19

pk67

A&P211oh dear, if you think that Nvidia is doing it for the gamers, let me give you bad news. At this point, Nvidia is doing it for AI.

It doesn't matter what nVidia will do. A lot more new manufacturing capabilities are coming these days at TSMC, Samsung or Intell fabs. ASML making new stuff for manufacturers. These are very good news for patient gamers. For unpatient gamers the same news are less optimistic I must admit. But in my first sentence i wrote : "in long term perspective" what means - it is great news for patient people :peace:

#20

Bwaze

I predict that if the AI goes bust, Nvidia and other companies that currently benefit from this craze can't just disperse this profit - shareholders will demand the continuation of climbing revenue, they don't care about gaming, so the only thing we will get is even higher prices.

#21

pk67

BwazeAnd the whole point of my answer was that this happened before - the sudden inrush of orders, the large amont of extra cash, and then the downturn - in the form of cryptocrazes in late 2017 and then again in late 2020.

Still waiting for the good times from those "capacities and capabilities".

I cannot agree. High numeric aperture scanners didn't happened before. It is happening now and will start working in coming years. nVidia is not a manufacturer - not yet at least. They are customer but very good customer for large scale manufacturer. Thanks to these craziness Moore Law is still alive and in very good condition despite some idiots and market influencers claming it is dead :kookoo: . Progress these days is event faster than was before.

#22

Bwaze

"Idiot and influencer" Jensen Huang, CEO of Nvidia:

"A 12-inch wafer is a lot more expensive today than it was yesterday, and it's not a little bit more expensive, it is a ton more expensive," "Moore's Law is dead … It's completely over, and so the idea that a chip is going to go down in cost over time, unfortunately, is a story of the past."

And we see that in real life, it's not just theory. New GPU generation with worse price / performance than the last one.

Much progress, wow.

#23

pk67

BwazeI predict that if the AI goes bust, Nvidia and other companies that currently benefit from this craze can't just disperse this profit - shareholders will demand the continuation of climbing revenue, they don't care about gaming, so the only thing we will get is even higher prices.

They dont have monopoly for AI stuff. Every big player can put his orders in TSMC or Samsung or in Intel. And new manufacturers like Rapidus could emerge soon as well. Sure they dont care about gaming now but it shouldn't be a headake for gamers also. Good days for gamers are coming at fast pace this way or another.

Bwaze"Idiot and influencer" Jensen Huang, CEO of Nvidia:

"A 12-inch wafer is a lot more expensive today than it was yesterday, and it's not a little bit more expensive, it is a ton more expensive," "Moore's Law is dead … It's completely over, and so the idea that a chip is going to go down in cost over time, unfortunately, is a story of the past."

And we see that in real life, it's not just theory. New GPU generation with worse price / performance than the last one.

Much progress, wow.

Huang is not an idiot but really influencing man. What he is telling is partially true but for some reasons he is avoiding to tell whole story to describe full picture. His messages are adressed to unpatient industry in rush for AI supremacy and profits. So newest stuff is really more expensive than previous gen but also offering a lot more new capabilities. If you really think new GPU is worse than previous one in price/perf metric, so what stopping you from buing old gen stuff ?
I can tell you if you dont want answer my question. A lot gamers prefering new stuff cos it will have longer support and offer new features. How long is typical life span for latest GPUs now ? 5-6 years after that your shiny new gpu is becoming an ancient brick. The same was valid when Moore Law was claiming alive so for open minded people it doesnt matter what Huang is telling and claiming - is More Law dead or alive if shiny new stuff becoming energy hungry brick with very limited support after 5-6 years after premiere.

#24

Bwaze

pk67Huang is not an idiot but really influencing man. What he is telling is partially true but for some reasons he is avoiding to tell whole story to describe full picture. His messages are adressed to unpatient industry in rush for AI supremacy and profits.

That is a quote from September 2022, way before any AI hype started.

And about the logic it's okay to pay the same price increase as the preformance increase - by that logic the preformance increase would now bring us to GPUs costing tens of thousands of dollars, starting from the early 90'.

Don't believe me? Just take a simple approx. 50% performance, 50% price increase from now on, the same we have this generation:

2020, RTX 3080 - $700
2022, RTX 4080 - $1200
2024, RTX 5080 - $2040
2026, RTX 6080 - $3468
2028, RTX 7080 - $5896
2030, RTX 8080 - $10022
2032, RTX 9080 - $17038
2034, RTX 1080 - $28965

At what point will you stop?

#25

pk67

BwazeThat is a quote from September 2022, way before any AI hype started.

And about the logic it's okay to pay the same price increase as the preformance increase - by that logic the preformance increase would now bring is to GPUs costing tens of thousands of dollars, starting from the early 90'.

Don't believe me? Just take a simple approx. 50% performance, 50% price increase from now on, the same we have this generation:

2020, RTX 3080 - $700
2022, RTX 4080 - $1200
2024, RTX 5080 - $2040
2026, RTX 6080 - $3468
2028, RTX 7080 - $5896
2030, RTX 8080 - $10022
2032, RTX 9080 - $17038
2034, RTX 1080 - $28965

At what point will you stop?

If you dont like these prices above you can always go for AMD or Intel stuff or start design your own like chinese developers do now. Are Nvidia stick the gun to your head an asking you for paying these prices ? It is not the case - it is calling free market instead. If you dont need discrete GPU in 24/7 regime you can still buy APU with integrated iGPU and NPU. These toys will be very powerfull way earlier before 2034. If you think these prices are unjustified you can still desingn your own hardware and software and put your orders to leading manufacturers - it is easy as 1 2 3. If you think manufacturers have unjustified high prices - you can build your own fab. But very high NVidia gross margins telling now otherwise.

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NVIDIA Announces Q4 and Fiscal 2024 Results, Clocks 126% YoY Revenue Growth, Gaming Just 1/6th of Data Center Revenues

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