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Nvidia Earnings Report Q4 2023: A Deep Dive
Key Highlights
- Quarterly revenue of $22.1 billion, up 22% YoY
- Record Data Center revenue of $2.26 billion, up 23% QoQ and 42.7% YoY
- Ten-for-one forward stock split effective June 7, 2024
Financial Performance
Nvidia reported strong financial performance in Q4 2023, driven by growth in its Data Center and Gaming segments.
Revenue for the quarter reached $22.1 billion, a 22% increase from the same period last year.
Data Center revenue soared by 23% QoQ and 42.7% YoY to $2.26 billion, reflecting the growing demand for AI-powered computing services.
Data Center Growth
The growth in the Data Center segment was attributed to increased adoption of Nvidia's AI platforms by cloud service providers and hyperscale data centers.
Nvidia's GPUs are widely used for AI applications such as natural language processing, computer vision, and machine learning.
Stock Split and Outlook
In a move to make its shares more accessible to investors, Nvidia announced a ten-for-one forward stock split.
The split will become effective on June 7, 2024, and will increase the number of outstanding shares from 5.4 billion to 54 billion.
For the third quarter of fiscal 2024, Nvidia expects revenue to be $16.00 billion, plus or minus 2%, with GAAP and non-GAAP gross margins expected to remain stable.
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