NVIDIA Corporation Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue: $7.19B, up 19% sequentially, down 13% year-over-year.
  • Data Center: $4.28B, record quarter; up 18% sequentially and 14% year-over-year.
  • Gaming: $2.24B, up 22% sequentially; down 38% year-over-year.
  • Professional Visualization: $295M, up 31% sequentially; down 53% year-over-year.
  • Automotive: $296M, up 1% sequentially; up 114% year-over-year.
  • GAAP gross margin: 64.6%. Non-GAAP: 66.8%. Margins fully recovered to prior peaks.

Key Drivers and Themes

  • Generative AI drove extraordinary demand across all end markets (CSPs, consumer Internet companies, enterprises).
  • Growing demand for NVIDIA’s Hopper (H100) and Ampere architecture GPUs; multiple CSPs offering or expanding H100 availability.
  • Enterprise AI adoption accelerating across verticals including automotive, finance, healthcare, and telecom.
  • Launch of DGX Cloud and NVIDIA AI Foundations created new revenue pathways for software and AI services.
  • Networking (InfiniBand, Ethernet with BlueField-3, Spectrum-4) saw strong demand alongside compute growth.
  • NVIDIA Grace CPU and Grace Hopper Superchips gaining traction in high-performance computing and AI workloads.

Business Segment Highlights

Data Center

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Operator: Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to NVIDIA's First Quarter Earnings Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions] Thank you. Simona Jankowski, you may begin your conference. Simona Jankowski: Thank you. Good afternoon, everyone, and welcome to NVIDIA's conference call for the first quarter of fiscal 2024. With me today from NVIDIA are Jensen Huang, President and Chief Executive Officer; and Colette Kress, Executive Vice President and Chief Financial Officer. I'd like to remind you that our call is being webcast live on NVIDIA's Investor Relations website. The webcast will be available for replay until the conference call to discuss our financial results for the second quarter of fiscal 2024. The content of today's call is NVIDIA's property. It can't be reproduced or transcribed without our prior written consent. During this call, we may make forward-looking statements based on current expectations. These are subject to a number of significant risks and uncertainties and our actual results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release, our most recent Forms 10-K and 10-Q, and the reports that we may

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