Nvidia's net profit in the second fiscal quarter was US$6.188 billion, a year-on-year surge of 843%

In the morning news on August 24th, Beijing time, Nvidia today announced the company’s financial report for the second quarter of fiscal year 2024 ending on July 30, 2023. The report shows that NVIDIA’s second fiscal quarter revenue was US$13.507 billion, an increase of 101% compared with US$6.704 billion in the same period last year, and an increase of 88% compared with US$7.192 billion in the previous fiscal quarter, setting a historical record; net profit was US$6.188 billion, an increase of 843% compared with US$656 million in the same period last year, and an increase of 203% compared with US$2.043 billion in the previous fiscal quarter; adjusted net profit not in accordance with US GAAP was US$6.740 billion, An increase of 422% compared with US$1.292 billion in the same period last year, and an increase of 148% compared with US$2.713 billion in the previous fiscal quarter. (Note: NVIDIA’s fiscal year is not synchronized with the natural year. January 30, 2023 to January 29, 2024 is fiscal year 2024.)

NVIDIA’s second fiscal quarter adjusted earnings per share and revenue It far exceeded Wall Street analysts' expectations, and its outlook for third-quarter revenue also far exceeded expectations, driving its stock price to surge by more than 8% after hours, breaking through its 52-week high.

Main results:

Nvidia’s net profit in the second fiscal quarter was US$6.188 billion, an increase of 843% compared with US$656 million in the same period last year, and US$2.043 billion in the previous financial quarter. A year-on-year increase of 203%; diluted earnings per share was US$2.48, an increase of 854% compared with US$0.26 in the same period last year, and an increase of 202% compared with US$0.82 in the previous fiscal quarter.

Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia’s adjusted net profit in the second fiscal quarter was US$6.740 billion, an increase of 422% from US$1.292 billion in the same period last year. %, an increase of 148% compared with US$2.713 billion in the previous fiscal quarter; adjusted diluted earnings per share was US$2.70, an increase of 429% compared with US$0.51 in the same period last year, and an increase of 429% compared with US$1.09 in the previous financial quarter. Growth of 148%, this performance exceeded analysts’ previous expectations. According to data provided by Yahoo Finance Channel, 34 analysts had expected Nvidia to earn $2.09 per share in the second fiscal quarter.

NVIDIA’s second fiscal quarter revenue was US$13.507 billion, an increase of 101% compared with US$6.704 billion in the same period last year, and an increase of 88% compared with US$7.192 billion in the previous fiscal quarter, setting a record , this performance also exceeded analyst expectations. According to data provided by Yahoo Finance, 33 analysts on average expected Nvidia's second-quarter revenue to reach $11.22 billion.

By business category:

-Nvidia’s data center business generated revenue of US$10.32 billion in the second fiscal quarter, an increase of 171% compared with the same period last year, and a year-on-year increase of 171%. A year-on-year increase of 141%, setting a historical record;

-Nvidia’s gaming business revenue in the second fiscal quarter was US$2.49 billion, an increase of 22% compared with the same period last year, and an increase of 11% compared with the previous fiscal quarter %.

-Nvidia’s professional visualization business reported revenue of $379 million in the second fiscal quarter, a decrease of 24% compared with the same period last year and an increase of 28% compared with the previous fiscal quarter.

-Nvidia’s automotive business’s revenue in the second fiscal quarter was US$253 million, an increase of 15% compared with the same period last year and a decrease of 15% compared with the previous fiscal quarter.

Nvidia’s gross profit in the second fiscal quarter was US$9.462 billion, down from US$2.915 billion in the same period last year and US$4.648 billion in the previous fiscal quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia's adjusted gross profit in the second fiscal quarter was $9.614 billion, compared with $3.074 billion in the same period a year ago and $4.802 billion in the previous quarter.

Nvidia’s gross profit margin in the second fiscal quarter was 70.1%, an increase of 26.6 percentage points compared with 43.5% in the same period last year, and an increase of 5.5 percentage points compared with 64.6% in the previous fiscal quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia's adjusted gross profit margin in the second fiscal quarter was 71.2%, an increase of 25.3 percentage points compared with 45.9% in the same period last year. An increase of 4.4 percentage points compared with 66.8%.

Nvidia’s operating expenses in the second fiscal quarter were US$2.662 billion, an increase of 10% compared with US$2.416 billion in the same period last year, and an increase of 6% compared with US$2.508 billion in the previous fiscal quarter. Among them, R&D expenses were US$2.040 billion, compared with US$1.824 billion in the same period last year; sales, general and administrative expenses were US$622 million, compared with US$592 million in the same period last year. Excluding certain one-time items (not in accordance with U.S. GAAP), NVIDIA's adjusted operating expenses in the second fiscal quarter were US$1.838 billion, an increase of 5% compared with US$1.749 billion in the same period last year. an increase of 5% compared with US$1.75 billion.

Nvidia’s operating profit in the second fiscal quarter was US$6.800 billion, an increase of 1,263% compared with US$499 million in the same period last year, and an increase of 218% compared with US$2.140 billion in the previous fiscal quarter. Excluding certain one-time items (not in accordance with U.S. GAAP), Nvidia's adjusted operating profit in the second fiscal quarter was US$7.776 billion, an increase of 487% compared with US$1.325 billion in the same period last year. an increase of 155% compared with US$3.052 billion.

Other financial information:

In the second fiscal quarter, NVIDIA returned $3.28 billion in cash to shareholders in the form of stock repurchases and cash dividends, of which $3.28 billion was returned in the form of stock repurchases. billion and repurchased a total of 7.5 million shares. As of the end of the second fiscal quarter of fiscal 2024, Nvidia has $3.95 billion remaining to repurchase under its authorized stock repurchase program. On August 21, 2023, Nvidia's board of directors approved a plan to repurchase an additional $25 billion of stock with no expiration date. Nvidia said it plans to continue repurchasing stock during the current fiscal year.

NVIDIA will pay its next cash dividend of $0.04 per share on September 28, 2023 to all shareholders of record as of September 7, 2023.

Performance Outlook:

Nvidia expects that the company's revenue will reach US$16 billion in the third quarter of fiscal year 2024, plus or minus 2%. This performance outlook exceeds analysts' previous expectations. . According to data provided by Yahoo Finance, 33 analysts on average expected Nvidia's third-quarter revenue to reach $12.61 billion.

NVIDIA also predicts that in the third quarter of fiscal year 2024, the company's gross profit margin is expected to reach 71.5% and 72.5% respectively in accordance with and not in accordance with U.S. GAAP, plus or minus 50 basis points; in accordance with and not in accordance with Operating expenses under US GAAP are expected to reach approximately US$2.95 billion and US$2.00 billion respectively; other income in accordance with and not in accordance with US GAAP is expected to reach approximately US$100 million, excluding gains and losses from unrelated investments; in accordance with and not in accordance with US GAAP The tax rate under U.S. GAAP is expected to be 14.5%, plus or minus 1%.

Share price changes:

On that day, Nvidia’s stock price closed up $14.48 in regular trading, at $471.16, an increase of 3.17%. In the subsequent after-hours trading as of 5:27 pm Eastern Time on the 23rd (5:27 am Beijing time on the 24th), Nvidia's stock price rose again by US$41.62 to US$512.78, an increase of 8.83%, breaking through the 52-week high price. In the past 52 weeks as of Wednesday's close, Nvidia's highest price was $481.87 and its lowest price was $108.13.

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