NVIDIA beats by $0.52, beats on revs; guides Q2 revs above consensus; ten-for-one forward stock split; raises quarterly dividend (949.50 -4.36)
- Reports Q1 (Apr) earnings of $6.12 per share, excluding non-recurring items, $0.52 better than the FactSet Consensus of $5.60; revenues rose 262.1% year/year to $26.04 bln vs the $24.59 bln FactSet Consensus.
- Data Center: Revenue was a record $22.6 billion, up 23% from the previous quarter and up 427% from a year ago. These increases reflect higher shipments of the NVIDIA Hopper GPU computing platform used for training and inferencing with large language models, recommendation engines, and generative AI applications.
- Gaming and AI PC: Revenue was $2.6 billion, down 8% from the previous quarter and up 18% from a year ago. The year-on-year increase primarily reflects higher demand. The sequential decrease reflects seasonally lower GPU sales for laptops.
- Professional Visualization: Revenue was $427 million, down 8% from the previous quarter and up 45% from a year ago. The year-on-year increase primarily reflects higher sell-in to partners following the normalization of channel inventory levels. The sequential decrease was primarily due to desktop workstation GPUs.
- Automotive and Robotics: Revenue was $329 million, up 17% from the previous quarter and up 11% from a year ago. The year-on-year increase was driven primarily by self-driving platforms. The sequential increase was driven by AI Cockpit solutions and self-driving platforms.
- Co issues upside guidance for Q2 (Jul), sees Q2 revs of $28.0 bln +/- 2%, implying $27.44-28.56 bln vs. $26.62 bln FactSet Consensus.
- GAAP and non-GAAP gross margins are expected to be 74.8% and 75.5%, respectively, plus or minus 50 basis points. For the full year, gross margins are expected to be in the mid-70% range.
- Co announces ten-for-one forward stock split effective June 7, 2024.
- Co also announces quarterly cash dividend raised by 150% to $0.01 per share on a post-split basis.