NVIDIA (NVDA) Gross Margin — Quarter Ended Jul 30, 2023

Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit rose at a faster rate than cost of revenue, resulting in an improved gross margin.

Gross margin takeaway

Quarter ended Jul 30, 2023 · FY2024 Q2

Revenue increased compared to both the prior quarter and the same quarter one year earlier. Gross profit rose at a faster rate than cost of revenue, resulting in an improved gross margin.

Revenue growth outpaced cost of revenue growth, driving gross margin higher.
Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin also improved significantly.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

70.1%

Gross profit

$9.5B

Revenue

$13.5B

Cost of revenue

$4.0B

Quarter-over-quarter change

+5.4 pts

Year-over-year change

+26.6 pts

Quarterly gross margin trend

A four-quarter view of the revenue and direct-cost bridge behind gross margin.

Period	Revenue	Gross profit	Cost of revenue	Gross margin
Oct 30, 2022	$5.9B	$3.2B	$2.8B	53.6%
Jan 29, 2023	$6.1B	$3.8B	$2.2B	63.3%
Apr 30, 2023	$7.2B	$4.6B	$2.5B	64.6%
Jul 30, 2023	$13.5B	$9.5B	$4.0B	70.1%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Apr 30, 2023

+5.4 pts

Year-over-year change

Jul 31, 2022

+26.6 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

Revenue growth outpaced cost of revenue growth, driving gross margin higher.

Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin also improved significantly.

Monitor the trend of cost of revenue relative to revenue to assess whether gross margin can be sustained.