NVIDIA Announces Financial Results for Third Quarter Fiscal 2024

^{Certain statements in this press release including, but not limited to, statements as to: the broad industry platform transition from general-purpose to accelerated computing and generative AI and the next waves starting to build; nations and regional CSPs investing in AI clouds to serve local demand, enterprise software companies adding AI copilots and assistants to their platforms, and enterprises creating custom AI to automate the world’s largest industries; NVIDIA GPUs, CPUs, networking, AI foundry services and NVIDIA AI Enterprise software as growth engines for generative AI; the era of generative AI taking off; the NVIDIA AI foundry service accelerating the development and tuning of custom generative AI applications; the usage of NVIDIA GH200 Superchips in supercomputers globally; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook and expected tax rates for the fourth quarter of fiscal 2024; the benefits, impact, performance, features and availability of NVIDIA’s products and technologies, including the NVIDIA HGX H200, NVIDIA H200 Tensor Core GPU, NVIDIA AI Foundation Models, NVIDIA NeMo, NVIDIA GH200 Grace Hopper Superchip, NVIDIA AI Enterprise, NVIDIA Omniverse, NVIDIA Spectrum-X, NVIDIA RTX workstations, NVIDIA RTX 6000 Ada GPU, NVIDIA Omniverse Enterprise software, NVIDIA H100 Tensor Core GPU, NVIDIA DGX Cloud AI, GeForce NOW, NVIDIA CUDA Quantum platform, DLSS, DLSS 3.5 Ray Reconstruction, NVIDIA DRIVE Hyperion, NVIDIA DRIVE Thor, TensorRT-LLM, NVIDIA ConnectX; the benefits and impact of NVIDIA’s partnerships with Amdocs, Dropbox, Foxconn, Genentech, Infosys, Lenovo, Reliance Industries, Scaleway and Tata Group; growing support for NVIDIA CUDA Quantum platform; and the usage of NVIDIA Omniverse by Mercedes-Benz are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; and unexpected loss of performance of our products or technologies when integrated into systems, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.}

^{© 2023 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce NOW, NVIDIA CUDA, NVIDIA DGX, NVIDIA DRIVE Hyperion, NVIDIA DRIVE Thor, NVIDIA Grace Hopper, NVIDIA HGX, NVIDIA NeMo, NVIDIA Omniverse, NVIDIA RTX, NVIDIA Spectrum-X and TensorRT are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.}


NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)


			Three Months Ended						Nine Months Ended
			October 29,			October 30,			October 29,			October 30,
			2023			2022			2023			2022

Revenue			$	18,120		$	5,931		$	38,819		$	20,923
Cost of revenue				4,720			2,754			11,309			9,400
Gross profit				13,400			3,177			27,510			11,523

Operating expenses
	Research and development			2,294			1,945			6,210			5,387
	Sales, general and administrative			689			631			1,942			1,815
	Acquisition termination cost			-			-			-			1,353
		Total operating expenses		2,983			2,576			8,152			8,555

Operating Income				10,417			601			19,358			2,968
	Interest income			234			88			572			152
	Interest expense			(63	)		(65	)		(194	)		(198	)
	Other, net			(66	)		(11	)		(24	)		(29	)
		Other income (expense), net		105			12			354			(75	)

Income before income tax				10,522			613			19,712			2,893
Income tax expense (benefit)				1,279			(67	)		2,237			(61	)
Net income			$	9,243		$	680		$	17,475		$	2,954

Net income per share:
	Basic		$	3.75		$	0.27		$	7.07		$	1.18
	Diluted		$	3.71		$	0.27		$	7.01		$	1.17

Weighted average shares used in per share computation:
	Basic			2,468			2,483			2,470			2,495
	Diluted			2,494			2,499			2,494			2,517

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