NVIDIA Corporation Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record Q2 revenue of 13.51 billion dollars, up 88 percent sequentially and up 101 percent year over year. This exceeded the prior outlook of 11 billion dollars.
  • Data Center revenue reached a record 10.32 billion dollars, up 141 percent sequentially and up 171 percent year over year. Strong demand came from hyperscalers, consumer internet companies, and enterprises adopting accelerated computing and generative AI.
  • Gaming revenue was 2.49 billion dollars, up 11 percent sequentially and up 22 percent year over year, driven by GeForce RTX 40 series strength and recovering consumer demand.
  • Professional Visualization revenue was 375 million dollars, up 28 percent sequentially but down 24 percent year over year due to continued market normalization.
  • Automotive revenue reached 253 million dollars, down 15 percent sequentially but up 15 percent year over year on growth from self‑driving platforms.
  • GAAP gross margin was 70.1 percent, up strongly from the prior quarter. Non‑GAAP gross margin reached 71.2 percent.
  • NVIDIA returned 3.4 billion dollars to shareholders and announced an additional 25 billion dollars in share repurchase authorization.

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 Second 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 will 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 second 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 third 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 m

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