Nvidia ( NVDA ) Earnings Report Q1 2024

  • Nvidia reported its first-quarter earnings for fiscal 2024 on Wednesday, a stronger-than-expected forecast that sent shares up 15% in extended trading.

Nvidia co-founder and CEO Jensen Huang attends an event during the annual Computex computer show in Taipei.

Tyrone Siu | Reuters

Nvidia reported A stronger-than-expected forecast of first-quarter earnings for its 2024 fiscal year on Wednesday sent the stock up 15% in extended trading.

Here’s how the company did against Refinitiv consensus estimates for the quarter ending in April:

  • EPS: $1.09, adjusted, $0.92 expected
  • revenue: $7.19 billion, versus $6.52 billion expected

Net income for the quarter was $2.04 billion, up from $1.61 billion in the same period last year. However, Nvidia’s overall sales fell 13% on a year-over-year basis.

Nvidia said it expects revenue of about $11 billion, beating Refinitiv expectations of $1.06 a share on sales of $7.15 billion.

Nvidia stock is up 109% so far in 2023, driven largely by optimism stemming from the company’s market leadership for AI chips.

Nvidia’s datacenter group reported sales of $4.28 billion, a 14% year-over-year increase versus expectations of $3.9 billion. Nvidia said the company’s performance was driven by demand for GPU chips from cloud companies and large consumer Internet companies.

However, Nvidia’s gaming division, which includes the company’s graphics cards for PC sales, posted sales of $2.24 billion, up from $1.98 billion, although overall revenue for the category fell 38% year over year. Nvidia has suffered a slowdown in gaming due to a sluggish macroeconomic environment and the decline of the company’s latest GPUs.

Nvidia’s automotive division, which includes chips and software to build self-driving cars, grew 114% year-over-year, but posted sales of less than $300 million in the quarter.

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