NVIDIA (NVDA) issues Q1 2024 sales guidance above analyst estimates

Despite some difficult year-over-year comparisons, NVIDIA feels good enough about the times ahead to raise its guidance for the 2024 fiscal year.

Image via NVIDIA

In addition to its Q4 2023 earnings results today, NVIDIA put out new guidance for its Q1 2024 sales. Surprisingly, the company seems to feel good about the fiscal season ahead. Against expectations, NVIDIA actually raised its sales guidance for Q1 2024. This followed on top of coming out ahead on expectations in revenue and EPS for its Q4 2023 earnings results, despite coming up short against various year-over-year comparisons.

NVIDIA shared its increased sales guidance for Q1 2024 in its Q4 2023 earnings results on its investor relations website on February 22, 2023. Originally, expectations for NVIDIA’s Q1 2024 guidance were sitting at $6.3 billion USD. However, the company has since raised its guidance to $6.5 billion, plus or minus two percent. Meanwhile, GAAP and non-GAAP gross margins are expected to be 64.1 percent and 66.5 percent respectively. Finally, GAAP and non-GAAP other income and expenses are expected to show an income of $50 million USD, not including losses and gains form non-affiliated investments.

NVIDIA deep learning technology promo art
NVIDIA's raised guidance for Q1 2024 may be due in part to its major investment in AI technologies in deep learning computing, graphics and simulation, and many more applicable sectors inside and outside gaming.
Source: NVIDIA

NVIDIA’s heightened outlook may be the direct result of its active investment in artificial intelligence. The company has been investing in and developing AI technology for a long time already through the likes of products like DLSS and Real-Time AI, and CEO Jenson Huang stated in the Q4 2023 results that he believes AI tech is “at an inflection point” through the investment in the likes of ChatGPT and other AI-driven products. With AI technology now trending so heavily, NVIDIA likely feels strong about the groundwork it has already laid in the space with much of its investment and development.

It will be interesting to see if NVIDIA’s heightened guidance pays off in the fiscal quarters ahead. For more on the company’s recent and upcoming financial news, check out the NVIDIA topic page for further coverage.

Senior News Editor

TJ Denzer is a player and writer with a passion for games that has dominated a lifetime. He found his way to the Shacknews roster in late 2019 and has worked his way to Senior News Editor since. Between news coverage, he also aides notably in livestream projects like the indie game-focused Indie-licious, the Shacknews Stimulus Games, and the Shacknews Dump. You can reach him at tj.denzer@shacknews.com and also find him on Twitter @JohnnyChugs.

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