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NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024 | NVIDIA Newsroom
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NVIDIA's Q4 FY2024 financial results illustrate the explosive commercial demand for AI compute infrastructure, with Data Center revenue up 409% year-over-year, reflecting the scale of investment in AI capabilities that is directly relevant to understanding AI development trajectories and compute governance.
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Summary
NVIDIA reported record Q4 FY2024 revenue of $22.1 billion (up 265% year-over-year) and full-year revenue of $60.9 billion (up 126%), driven primarily by Data Center segment growth of 409% YoY to $18.4 billion. CEO Jensen Huang declared that 'accelerated computing and generative AI have hit the tipping point,' with demand surging across cloud providers, enterprises, and vertical industries.
Key Points
- •Record quarterly Data Center revenue of $18.4 billion, up 409% year-over-year, reflecting massive AI infrastructure investment.
- •Full-year FY2024 revenue reached $60.9 billion, up 126%, signaling rapid scaling of AI compute supply.
- •Demand driven by large cloud providers, GPU-specialized firms, enterprise software, and vertical industries like auto, finance, and healthcare.
- •NVIDIA RTX platform now serves 100 million gamers and creators with generative AI capabilities.
- •Financial results serve as a proxy indicator for the pace and scale of global AI capability development.
1 FactBase fact citing this source
| Entity | Property | Value | As Of |
|---|---|---|---|
| NVIDIA | Revenue | $61.0 billion | Jan 2024 |
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NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024 | NVIDIA Newsroom
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2024
February 21, 2024
Record quarterly revenue of $22.1 billion, up 22% from Q3, up 265% from year ago
Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from year ago
Record full-year revenue of $60.9 billion, up 126%
NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.
For the quarter, GAAP earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.
For fiscal 2024, revenue was up 126% to $60.9 billion. GAAP earnings per diluted share was $11.93, up 586% from a year ago. Non-GAAP earnings per diluted share was $12.96, up 288% from a year ago.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA.
“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.
“NVIDIA RTX, introduced less than six years ago, is now a massive PC platform for generative AI, enjoyed by 100 million gamers and creators. The year ahead will bring major new product cycles with exceptional innovations to help propel our industry forward. Come join us at next month’s GTC, where we and our rich ecosystem will reveal the exciting future ahead,” he said.
NVIDIA will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.
Q4 Fiscal 2024 Summary
GAAP
($ in millions, except earnings
per share)
Q4 FY24
Q3 FY24
Q4 FY23
Q/Q
Y/Y
Revenue
$22,103
$18,120
$6,051
Up 22%
Up 265%
Gross margin
76.0%
74.0%
63.3%
Up 2.0 pts
Up 12.7 pts
Operating expenses
$3,176
$2,983
$2,576
Up 6%
Up 23%
Operating income
$13,615
$10,417
$1,257
Up 31%
Up 983%
Net income
$12,285
$9,243
$1,414
Up 33%
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