NVIDIA (NASDAQ: NVDA) has reported impressive financial results for the first quarter of fiscal year 2025, ending April 28, 2024. The company achieved $26.0 billion in revenue, reflecting an 18% increase from the previous quarter and a staggering 262% growth year-over-year.
GAAP earnings per diluted share came in at $5.98, marking a 21% quarterly increase and a 629% surge compared to last year. On a non-GAAP basis, earnings per diluted share reached $6.12, up 19% quarter-over-quarter and 461% year-over-year.
AI and Data Centers Drive Growth
Jensen Huang, founder and CEO of NVIDIA, highlighted the ongoing transformation in the tech industry, stating:
“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift trillion-dollar traditional data centers toward accelerated computing, building a new type of AI-driven infrastructure. AI will bring significant productivity gains to nearly every industry, helping businesses become more cost- and energy-efficient while unlocking new revenue opportunities.”
Huang emphasized that the surge in data center revenue was fueled by demand for generative AI training and inference solutions, particularly on NVIDIA’s Hopper platform. The company’s AI ecosystem has now expanded beyond cloud providers to include consumer internet companies, enterprises, sovereign AI projects, the automotive sector, and healthcare technology—creating multiple multibillion-dollar opportunities.
With the introduction of the Blackwell platform, NVIDIA is setting the stage for its next phase of growth. Blackwell is designed for trillion-parameter-scale generative AI, while the new Spectrum-X networking solution aims to optimize Ethernet-only data centers for large-scale AI workloads.
NVIDIA Announces 10-for-1 Stock Split
To make stock ownership more accessible, NVIDIA announced a 10-for-1 forward stock split. The split will be executed through an amendment to its Restated Certificate of Incorporation, proportionally increasing the number of authorized common shares.
- Record holders as of June 6, 2024, will receive nine additional shares for each NVIDIA share held.
- The additional shares will be distributed on June 7, 2024.
- Trading on a split-adjusted basis will begin on June 10, 2024.
Additionally, NVIDIA is increasing its quarterly dividend by 150%, raising it from $0.04 to $0.10 per share (or $0.01 per share on a post-split basis). The dividend will be payable on June 28, 2024, to shareholders of record as of June 11, 2024.
Q1 Fiscal 2025 Financial Highlights
GAAP Financial Results
| Metric | Q1 FY25 | Q4 FY24 | Q1 FY24 | Quarterly Growth (Q/Q) | Annual Growth (Y/Y) |
|---|---|---|---|---|---|
| Revenue | $26.0B | $22.1B | $7.2B | Up 18% | Up 262% |
| Gross Margin | 78.4% | 76.0% | 64.6% | Up 2.4 pts | Up 13.8 pts |
| Operating Income | $16.9B | $13.6B | $2.1B | Up 24% | Up 690% |
| Net Income | $14.9B | $12.3B | $2.0B | Up 21% | Up 628% |
| Diluted EPS | $5.98 | $4.93 | $0.82 | Up 21% | Up 629% |
Non-GAAP Financial Results
| Metric | Q1 FY25 | Q4 FY24 | Q1 FY24 | Quarterly Growth (Q/Q) | Annual Growth (Y/Y) |
|---|---|---|---|---|---|
| Revenue | $26.0B | $22.1B | $7.2B | Up 18% | Up 262% |
| Gross Margin | 78.9% | 76.7% | 66.8% | Up 2.2 pts | Up 12.1 pts |
| Operating Income | $18.1B | $14.7B | $3.1B | Up 22% | Up 492% |
| Net Income | $15.2B | $12.8B | $2.7B | Up 19% | Up 462% |
| Diluted EPS | $6.12 | $5.16 | $1.09 | Up 19% | Up 461% |
Q2 Fiscal 2025 Outlook
For the second quarter of fiscal year 2025, NVIDIA expects:
- Revenue: ~$28.0 billion ± 2%
- GAAP Gross Margin: 74.8% ± 50 bps
- Non-GAAP Gross Margin: 75.5% ± 50 bps
- GAAP Operating Expenses: ~$4.0 billion
- Non-GAAP Operating Expenses: ~$2.8 billion
- Tax Rate: 17% ± 1%
Key Business Highlights
Data Centers & AI Innovation
- Strong demand for generative AI and inference solutions led to record revenue in NVIDIA’s Data Center segment.
- The launch of Spectrum-X is set to revolutionize Ethernet-based AI workloads.
Gaming & AI PCs
- First-quarter gaming revenue hit $2.6 billion, reflecting an 18% annual growth.
- Introduced AI-powered gaming enhancements for NVIDIA ACE and Neural Graphics.
- Launched RTX optimizations for AI-powered gaming PCs and workstations.
Professional Visualization & Robotics
- NVIDIA’s next-gen DRIVE Thor™ platform will power future electric vehicle AI systems.
- Leading robotics firms have integrated NVIDIA generative AI to enhance autonomous operations.
Investor Relations and Conference Call
NVIDIA will discuss its Q1 2025 financial results via a conference call today at 2 p.m. PT (5 p.m. ET). Investors and analysts can access the live webcast at NVIDIA’s Investor Relations website.
For further details on GAAP vs. non-GAAP financials, including stock-based compensation, acquisitions, and investment gains, NVIDIA provides a reconciliation of financial measures on its website.
Conclusion: NVIDIA’s AI-Focused Growth Strategy
NVIDIA continues to position itself as a market leader in AI computing and accelerated data centers. The record-breaking revenue growth, strategic investments in AI platforms, and the upcoming stock split signal strong momentum for the company in fiscal year 2025.
With AI adoption accelerating across industries, NVIDIA’s Blackwell platform, AI computing advancements, and continued data center expansion put the company at the forefront of next-generation technology development.