Nvidia’s third-quarter revenue increased by 206% to US$18.12 billion, and net profit increased by 1259% to US$9.243 billion.

According to news from this site on November 22, Nvidia today announced the company’s third fiscal quarter financial report for fiscal year 2024. The report shows that Nvidia’s revenue in the third fiscal quarter was US$18.120 billion (note on this site: currently about 129.377 billion yuan), an increase of 206% compared with US$5.931 billion in the same period last year, and US$13.507 billion in the previous financial quarter. This compares to a 34% increase.

Nvidia’s net profit in the third fiscal quarter was US$9.243 billion (currently approximately 65.995 billion yuan), an increase of 1259% compared to US$680 million in the same period last year. An increase of 49% compared with US$6.188 billion in the first quarter; adjusted net profit not in accordance with US GAAP was US$10.020 billion (currently approximately 71.543 billion yuan), an increase of 588% compared with US$1.456 billion in the same period last year. An increase of 49% compared to the US$6.74 billion in the previous fiscal quarter (Note from this site: Nvidia’s fiscal year is not synchronized with the natural year, January 30, 2023 to January 29, 2024 is the 2024 fiscal year).

Nvidia’s third-quarter revenue and adjusted earnings per share both exceeded Wall Street analysts’ previous expectations, and its outlook for fourth-quarter revenue also exceeded analysts’ expectations. But at the same time, Nvidia expects its performance in the next fiscal quarter to be negatively affected. Nvidia's stock price fell more than 1% in after-hours trading after the earnings report was released.

Main results of the third fiscal quarter:

In the fiscal quarter ended October 29, 2023, Nvidia’s net profit was US$9.243 billion, which was the same as the previous fiscal quarter. Compared with US$680 million in the same period last year, an increase of 1259% compared with US$6.188 billion in the previous fiscal quarter, an increase of 49%; diluted earnings per share was US$3.71, an increase of 1274% compared with US$0.27 in the same period last year, and an increase of 1274% compared with US$0.27 in the same period last year. A 50% increase from $2.48 in the first fiscal quarter.

Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia’s adjusted net profit in the third fiscal quarter was US$10.020 billion, an increase of 588% from US$1.456 billion in the same period last year. %, an increase of 49% compared with US$6.740 billion in the previous fiscal quarter; adjusted diluted earnings per share was US$4.02, an increase of 593% compared with US$0.58 in the same period last year, and an increase of 593% compared with US$2.70 in the previous financial quarter. Growth of 49% beat analyst expectations. According to data provided by Yahoo Finance Channel, 33 analysts had expected Nvidia to earn $3.09 per share in the third fiscal quarter.

Nvidia’s revenue in the third fiscal quarter was US$18.120 billion, an increase of 206% compared with US$5.931 billion in the same period last year, and an increase of 34% compared with US$13.507 billion in the previous fiscal quarter. This performance It also exceeded analysts' expectations. According to data provided by Yahoo Finance Channel, 32 analysts had on average expected Nvidia's third-quarter revenue to reach $14.84 billion.

By business category, Nvidia’s data center business generated revenue of US$14.51 billion in the third fiscal quarter, an increase of 279% compared with the same period last year and an increase of 41% compared with the previous fiscal quarter, setting a record for the company. The highest record in history. Nvidia's gaming business generated revenue of $2.86 billion in the third fiscal quarter, an increase of 81% compared with the same period last year and an increase of 15% compared with the previous fiscal quarter. Nvidia's professional visualization business generated revenue of $416 million in the third fiscal quarter, an increase of 108% compared with the same period last year and an increase of 10% compared with the previous fiscal quarter. Nvidia's automotive business generated revenue of $261 million in the third fiscal quarter, an increase of 4% compared with the same period a year ago and an increase of 3% compared with the previous fiscal quarter.

Nvidia’s third fiscal quarter gross profit was $13.400 billion, compared with $3.177 billion in the same period a year earlier and $9.462 billion in the previous quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia's adjusted gross profit in the fiscal third quarter was $13.583 billion, compared with $3.329 billion in the same period a year ago and $9.614 billion in the previous quarter.

Nvidia’s gross profit margin in the third fiscal quarter was 74.0%, an increase of 20.4 percentage points compared with 53.6% in the same period last year, and an increase of 3.9 percentage points compared with 70.1% in the previous fiscal quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), NVIDIA's adjusted gross profit margin in the third fiscal quarter was 75.0%, an increase of 18.9 percentage points compared with 56.1% in the same period last year. An increase of 3.8 percentage points compared with 71.2%.

Nvidia’s operating expenses in the third fiscal quarter were US$2.983 billion, an increase of 16% compared with US$2.576 billion in the same period last year, and an increase of 12% compared with US$2.662 billion in the previous fiscal quarter. Among them, R&D expenses were US$2.294 billion, compared with US$1.945 billion in the same period last year; sales, general and administrative expenses were US$689 million, compared with US$631 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), NVIDIA's adjusted operating expenses in the third fiscal quarter were US$2.026 billion, an increase of 13% compared with US$1.793 billion in the same period last year. an increase of 10% compared with US$1.838 billion.

Nvidia’s operating profit in the third fiscal quarter was US$10.417 billion, an increase of 1,633% compared with US$601 million in the same period last year, and an increase of 53% compared with US$6.800 billion in the previous fiscal quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), NVIDIA's adjusted operating profit in the third fiscal quarter was US$11.557 billion, an increase of 652% compared with US$1.536 billion in the same period last year. an increase of 49% compared with US$7.776 billion.

Nvidia predicts that the company’s revenue in the fourth quarter of fiscal year 2024 will reach US$20 billion (currently about 142.8 billion yuan), ±2%. This performance outlook exceeds that of analysts previously expected. According to data provided by Yahoo Finance, 31 analysts had on average expected Nvidia's fourth-quarter revenue to reach $16.38 billion.

NVIDIA also predicts that in the fourth quarter of fiscal year 2024, the company’s gross profit margin in accordance with and not in accordance with U.S. GAAP is expected to reach 74.5% and 75.5% respectively, plus or minus 50 basis points; in accordance with and not in accordance with U.S. GAAP Operating expenses under GAAP are expected to reach approximately US$3.17 billion and US$2.20 billion respectively; other income in accordance with and non-GAAP is expected to reach approximately US$200 million (excluding gains and losses on non-affiliated investments); in accordance with The non-GAAP tax rate is expected to be 15.0%, plus or minus 1%.

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