NVIDIA Corporation stock research
FY2024 Q4
NVIDIA (NVDA) Gross Margin — Quarter Ended Jan 28, 2024
Revenue growth was accompanied by a larger increase in gross profit, while cost of revenue rose at a slower rate, leading to an improved gross margin. Compared to both the prior quarter and the same quarter last year, the margin strengthened.
Gross margin takeaway
Quarter ended Jan 28, 2024 · FY2024 Q4
Revenue growth was accompanied by a larger increase in gross profit, while cost of revenue rose at a slower rate, leading to an improved gross margin. Compared to both the prior quarter and the same quarter last year, the margin strengthened.
- Gross margin improved as gross profit grew faster than revenue, with cost of revenue increasing less proportionally. This relationship was the primary observable factor in the margin expansion.
- Gross margin was higher than the preceding quarter and notably higher than the same quarter one year earlier. Revenue, gross profit, and cost of revenue all increased relative to both comparison periods.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
76.0%
Gross profit
$16.8B
Revenue
$22.1B
Cost of revenue
$5.3B
Quarter-over-quarter change
+2.0 pts
Year-over-year change
+12.6 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 |
|---|---|---|---|---|
| Apr 30, 2023 | $7.2B | $4.6B | $2.5B | 64.6% |
| Jul 30, 2023 | $13.5B | $9.5B | $4.0B | 70.1% |
| Oct 29, 2023 | $18.1B | $13.4B | $4.7B | 74.0% |
| Jan 28, 2024 | $22.1B | $16.8B | $5.3B | 76.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Oct 29, 2023
+2.0 pts
Year-over-year change
Jan 29, 2023
+12.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved as gross profit grew faster than revenue, with cost of revenue increasing less proportionally. This relationship was the primary observable factor in the margin expansion.
Gross margin was higher than the preceding quarter and notably higher than the same quarter one year earlier. Revenue, gross profit, and cost of revenue all increased relative to both comparison periods.
Monitor the trend in cost of revenue relative to revenue, as its slower growth contributed to margin improvement.