NVIDIA beats by $0.52, beats on revs; guides Q2 revs above consensus; ten-for-one forward stock split; raises quarterly dividend
4:27 PM ET 5/22/24 | Briefing.com
Reports Q1 (Apr) earnings of $6.12 per share, excluding non-recurring items, $0.52 better than the FactSet Consensus of $5.60; revenues rose 262.1% year/year to $26.04 bln vs the $24.59 bln FactSet Consensus.Data Center: Revenue was a record $22.6 billion, up 23% from the previous quarter and up 427% from a year ago. These increases reflect higher shipments of the NVIDIA Hopper GPU computing platform used for training and inferencing with large language models, recommendation engines, and generative AI applications.Gaming and AI PC: Revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago. The year-on-year increase primarily reflects higher demand. The sequential decrease reflects seasonally lower GPU sales for laptops.Professional Visualization: Revenue was $427 million, down 8% from the previous quarter and up 45% from a year ago. The year-on-year increase primarily reflects higher sell-in to partners following the normalization of channel inventory levels. The sequential decrease was primarily due to desktop workstation GPUs.Automotive and Robotics: Revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago. The year-on-year increase was driven primarily by self-driving platforms. The sequential increase was driven by AI Cockpit solutions and self-driving platforms.Co issues upside guidance for Q2 (Jul), sees Q2 revs of $28.0 bln +/- 2%, implying $27.44-28.56 bln vs. $26.62 bln FactSet Consensus.GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.Co announces ten-for-one forward stock split effective June 7, 2024.Co also announces quarterly cash dividend raised by 150% to $0.01 per share on a post-split basis. |
