NVIDIA Q3 2024 Earnings Report
Key Takeaways
NVIDIA reported record revenue of $18.12 billion for Q3 Fiscal 2024, a 206% increase year-over-year and a 34% increase from the previous quarter. The growth was driven by record Data Center revenue, reflecting the industry's shift to accelerated computing and generative AI.
Revenue reached a record $18.12 billion, up 206% from a year ago and 34% from the previous quarter.
Data Center revenue also hit a record, reaching $14.51 billion, up 279% from a year ago and 41% from the previous quarter.
GAAP earnings per diluted share were $3.71, a 12x increase from a year ago and 50% from the previous quarter.
Non-GAAP earnings per diluted share were $4.02, nearly 6x higher than a year ago and 49% higher than the previous quarter.
NVIDIA
NVIDIA
Forward Guidance
NVIDIA's outlook for the fourth quarter of fiscal 2024 includes revenue of $20.00 billion, plus or minus 2%, and GAAP and non-GAAP gross margins are expected to be 74.5% and 75.5%, respectively, plus or minus 50 basis points.
Positive Outlook
- Revenue is expected to be $20.00 billion, plus or minus 2%.
- GAAP gross margin is expected to be 74.5%, plus or minus 50 basis points.
- Non-GAAP gross margins are expected to be 75.5%, plus or minus 50 basis points.
- GAAP other income and expense are expected to be an income of approximately $200 million.
- Non-GAAP other income and expense are expected to be an income of approximately $200 million.
Challenges Ahead
- GAAP operating expenses are expected to be approximately $3.17 billion.
- Non-GAAP operating expenses are expected to be approximately $2.20 billion.
- GAAP tax rates are expected to be 15.0%, plus or minus 1%, excluding any discrete items.
- Non-GAAP tax rates are expected to be 15.0%, plus or minus 1%, excluding any discrete items.
- Outlook is subject to various risks and uncertainties.