NVIDIA beats by $0.57, beats on revs; guides Q1 revs above consensus; sees Gen AI reaching a tipping point
4:28 PM ET 2/21/24 | Briefing.com
Reports Q4 (Jan) earnings of $5.16 per share, excluding non-recurring items, $0.57 better than the FactSet Consensus of $4.59; revenues rose 265.3% year/year to $22.1 bln vs the $20.4 bln FactSet Consensus.Data Center revenue was a record $18.4 billion, up 27% from the previous quarter and up 409% from a year ago.Strong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services, and healthcare. Customers across industry verticals access NVIDIA AI infrastructure both through the cloud and on-premises. Data Center sales to China declined significantly in the fourth quarter due to U.S. government licensing requirements.Gaming revenue was $2.9 billion, flat from the previous quarter and up 56% from a year ago, reflecting higher sell-in to partners following the normalization of channel inventory levels and growing demand.Professional Visualization revenue was $463 million, up 11% from the previous quarter and up 105% from a year, reflecting higher sell-in to partners following normalization of channel inventory levels.Automotive revenue was $281 million, up 8% from the previous quarter and down 4% from a year ago. Year-on-year decrease for the quarter was driven by AI Cockpit, offset by an increase in self-driving platforms.Co issues upside guidance for Q1 (Apr), sees Q1 revs of $24.0 bln +/- 2%, implying $23.52-24.48 bln vs. $22.21 bln FactSet Consensus.Expects non-GAAP gross margins of 77.0% +/- 50 bps.Co added, "Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations. 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." |
