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NVIDIA's Q1 Report Surpasses Expectations with Strong GPU Chip Sales

2023-05-25
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NVIDIA's Q1 Report Surpasses Expectations with Strong GPU Chip Sales

According to Reuters, NVIDIA announced its financial results for the first quarter of the 2024 fiscal year on May 25. The reporting period covered February 1, 2023, to April 30, 2023.

The report reveals that NVIDIA's Q1 revenue for the fiscal quarter was $7.192 billion, a 13% year-on-year decrease from $8.288 billion in the same period last year, but a 19% increase sequentially, surpassing analysts' expectations. The net profit amounted to $2.043 billion, reflecting a 26% year-on-year growth and a 44% sequential growth. The non-GAAP earnings per share were $1.09. Within the revenue breakdown, the sales of data center chips reached a record-breaking $4.28 billion, while gaming chip revenue amounted to $2.24 billion, both surpassing market expectations. Additionally, the company's professional visualization business generated revenue of $295 million, a 53% year-on-year decrease but a 31% sequential increase, and the automotive business revenue was $296 million, showing a 114% year-on-year growth and a 1% sequential growth.

NVIDIA experienced significant revenue growth in this fiscal quarter, primarily driven by the high demand for GPU chips in artificial intelligence and ChatGPT applications. The company's sales, net profit, and other financial indicators all exceeded Wall Street analysts' expectations, and the outlook for the second quarter also surpassed predictions. Following the announcement of the financial report, NVIDIA's stock price surged by 28% in after-hours trading, reaching a new all-time high of $394.55, resulting in a $200 billion increase in the company's market value, reaching a total of $950 billion, close to its historical peak.

NVIDIA anticipates that its revenue for the second quarter of the 2024 fiscal year will reach $11 billion, with a fluctuation of 2%. This performance outlook far exceeds analysts' expectations of $7.15 billion. The company expects gross margins to reach 68.6% and 70.0% based on and excluding U.S. generally accepted accounting principles (GAAP), respectively, with a 50 basis point range. NVIDIA stated that it will continue to increase the production of AI chips to meet the growing market demand.

 

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