• Gain: $35.1 billion, up 17% sequentially and 94% year-over-year.

• Data center revenues: $30.8 billion, up 17% sequentially and 112% year over year.

• Game revenue: $3.3 billion, up 14% sequentially and 15% year over year.

• Pro-Vis income: $486 million, up 7% sequentially and 17% year-over-year.

• Car income: $449 million, up 30% sequentially and 72% year-over-year.

• GAAP gross margin: 74.6%.

• Non-GAAP gross margin: 75%.

• Shareholder returns: $11.2 billion in stock buybacks and cash dividends.

• Fourth quarter revenue outlook: Expected to be $37.5 billion plus or minus 2%.

• GAAP gross margin outlook for the fourth quarter: Expected to be 73% plus or minus 50 basis points.

• Non-GAAP gross margin outlook for the fourth quarter: Expected to be 73.5% plus or minus 50 basis points.

• Q4 GAAP operating expenses: This is expected to be approximately $4.8 billion.

• Non-GAAP operating expenses in the fourth quarter: This is expected to be approximately $3.4 billion.

• GAAP and non-GAAP tax rates for the fourth quarter: Expected to be 16.5% plus or minus 1%.

Release date: November 20, 2024

For the full earnings call transcript, please refer to the full earnings call transcript.

• NVIDIA Corp (NASDAQ:NVDA) reported record third-quarter revenue of $35.1 billion, up 17% sequentially and 94% year-over-year, beating expectations of $32.5 billion.

• Data center revenue reached a record $30.8 billion, up 17% sequentially and growing 112% year over year, driven by strong demand for NVIDIA Hopper and H200 products.

• NVIDIA’s AI business revenue is expected to more than double from last year, with a growing pipeline and annual software services and support revenue of $1.5 billion, expected to reach $2 billion by the end of the year exceed.

• The company is experiencing strong demand for its new Blackwell GPUs, with plans to exceed previous revenue estimates and ramp up supply to meet customer needs.

• NVIDIA’s gaming revenue rose 14% sequentially and 15% year-over-year, supported by strong back-to-school sales and healthy channel inventory.

• NVIDIA Corp (NASDAQ:NVDA) is facing supply constraints in gaming, which are expected to impact fourth-quarter revenue despite strong third-quarter sell-through.

• Gross margins are expected to moderate to the low 70s as Blackwell continues to develop, with initial configurations potentially impacting profitability.

• Networking revenues declined sequentially despite strong year-over-year growth, highlighting potential challenges in meeting demand for network components.

• The company expects competitive market conditions in China due to export controls, which could impact future data center revenues in the region.

• There are concerns about potential digestion phases in hardware deployment cycles, which could impact growth as the market adapts to new technologies.

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