Nvidia’s Q4 revenues hit $22.1, up 265% from a year ago

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Nvidia announced today that it has reported revenue of $22.1 billion for its fourth fiscal quarter of fiscal 2024 (ending January 31, 2023). This figure surpassed Wall Street’s expectations by a significant margin.

In the fourth quarter, the company reported revenue of $22.1 billion, which represents a 265% year-over-year increase and a 22% sequential increase. The data center segment of Nvidia experienced exceptional growth, posting an impressive revenue figure of $18.4 billion, marking an impressive 409% growth from the previous year and a 27% sequential increase. The company’s full-year revenue amounted to $60.9 billion, reflecting a substantial 126% increase.

For the quarter, the GAAP earnings per diluted share stood at $4.93, marking a more than 765% year-over-year increase and a 33% sequential increase. Meanwhile, the non-GAAP earnings per diluted share amounted to $11.93, reflecting a remarkable 586% increase from the previous year.

Nvidia CEO Jensen Huang commented on the company’s performance, stating, “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries, and nations.”

Looking ahead, Nvidia’s outlook for the first quarter of fiscal 2024 includes revenue expectations of $24 billion, plus or minus 2%, along with projected GAAP and non-GAAP gross margins of 76.3% and 77%, respectively. The company anticipates GAAP and non-GAAP operating expenses to be around $3.5 billion and $2.5 billion, respectively, as well as an estimated income of approximately $250 million from other income and expense, excluding gains and losses from non-affiliated investments.

Segment reports

Within the data center segment, Nvidia launched data center and PC AI optimizations for Google’s Gemma language models. It also expanded its strategic collaboration with Amazon Web Services to host Nvidia DGX Cloud on AWS, and established a partnership with Amgen for the use of the Nvidia DGX SuperPod in drug discovery and medicine.

During the fourth quarter, large cloud providers accounted for more than half of Nvidia’s data center revenue, driven by strong demand from enterprise software and consumer internet applications. The company also experienced a significant increase in networking revenue from the previous year, while data center compute revenue posted a sizeable 488% year-over-year increase. Within the gaming division, revenue remained steady from the previous quarter, and increased by 56% year-over-year.

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