NVIDIA Corporation Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Q4 revenue reached $22.1 billion, up 22% sequentially and 265% year-over-year. This exceeded the company's outlook of $20 billion.
  • Full-year FY2024 revenue was $60.9 billion, up 126% vs FY2023.
  • Data Center remained the dominant growth driver, representing the vast majority of total revenue.

Data Center Performance

  • Q4 Data Center revenue was $18.4 billion, up 27% sequentially and 409% year-over-year.
  • FY2024 Data Center revenue reached $47.5 billion, more than tripling from the prior year.
  • Approximately 40% of data center revenue in the year came from AI inference workloads, a major increase from negligible levels the prior year.
  • Strong demand for Hopper architecture products (H100), with improving supply. New H200 expected to be supply constrained given intense demand.
  • Networking revenue tripled year-over-year; InfiniBand solutions grew more than 5x.
  • Sovereign AI demand grew outside the U.S. and China as countries invest in local language and domain-specific AI infrastructure.
  • China Data Center revenue declined significantly due to U.S. export controls. NVIDIA began shipping alternative, non-restricted products; China remains mid-single-digit % of Data Center revenue.

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Operator: Good afternoon. My name is Rob and I'll be your conference operator today. At this time, I would like to welcome everyone to the NVIDIA's Fourth Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's 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 fourth quarter and fiscal 2024. With me today from NVIDIA are Jen-Hsun 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 first quarter of fiscal 2025. 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 file on Form 8-K with the S

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