"Generative AI drove significant upside in demand for our products, creating opportunities and broad-based global growth across our markets."
— Colette Kress, CFO
03Detailed Report
NVDA
NVIDIA Corporation
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 14, 2026
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Executive Summary
NVIDIA Corporation reported impressive financial results for Q1 2024, marked by a revenue increase of 19% sequentially to $7.19 billion, although it represented a 13% decline compared to the previous year. The surge in data center revenue, which achieved record highs of $4.28 billion thanks to robust demand for AI and accelerated computing solutions, has significantly contributed to these results. Management cited generative AI as a critical driver of growth, creating unprecedented market opportunities across various sectors, including cloud services and enterprise applications. This performance is set against a backdrop of ongoing inventory corrections within the gaming segment, demonstrating resilience in a challenging consumer spending environment.
Key Performance Indicators
Revenue
Decreasing
7.19B
QoQ: 18.86% | YoY: -13.22%
Gross Profit
Decreasing
4.65B
64.63% margin
QoQ: 21.26% | YoY: -14.42%
Operating Income
Increasing
2.14B
QoQ: 70.38% | YoY: 14.56%
Net Income
Increasing
2.04B
QoQ: 44.48% | YoY: 26.27%
EPS
Increasing
0.08
QoQ: 45.61% | YoY: 27.69%
Revenue Trend
Margin Analysis
Financial Highlights
### Financial Performance Highlights:
- Revenue: $7.19 billion, up 19% QoQ, down 13% YoY.
- Net Income: $2.04 billion, up 44% QoQ, and up 26% YoY.
- Gross Margin: 64.6% (GAAP); demonstrating significant stability amid cost pressures.
- Operating Income: $2.14 billion, increased by 70% QoQ.
- Earnings Per Share (EPS): Diluted EPS was $0.082, reflecting a 45.61% increase QoQ.
- Free Cash Flow: $2.66 billion, indicating strong cash generation capacity.
### Operational Metrics:
- Data Center Revenue: $4.28 billion (+18% sequentially; +14% YoY).
- Gaming Revenue: $2.24 billion (+22% sequentially; -38% YoY).
- Professional Visualization Revenue: $295 million (+31% sequentially; -53% YoY).
- Automotive Revenue: $296 million (+1% sequentially; +114% YoY).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
7.19B
-13.22%
18.86%
Gross Profit
4.65B
-14.42%
21.26%
Operating Income
2.14B
14.56%
70.38%
Net Income
2.04B
26.27%
44.48%
EPS
0.08
27.69%
45.61%
Key Financial Ratios
Gross Profit Margin
Excellent
64.60%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
29.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
28.40%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
4.60%
Return on assets is acceptable but below top-tier companies
Return on Equity
Fair
8.33%
Return on equity is acceptable but below top-tier companies
Current Ratio
Strong
3.43
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Moderate
0.49
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
High Growth
87.38x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
29.12x
Very high premium suggests asset-light business model or lofty expectations
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