In its most recent earnings report, NVIDIA (NVDA) demonstrated strong financial performance, surpassing fourth-quarter fiscal 2024 earnings and revenue estimates. The company's shares have seen an uptick, outperforming the S&P 500 over the past month.

NVIDIA reported non-GAAP earnings of $5.16 per share for the fiscal fourth quarter, exceeding the Zacks Consensus Estimate by 13.4%. This figure marked a remarkable 486% increase from the previous year and a 28% increase sequentially. The growth in earnings was primarily fueled by higher revenues and improved gross margins.

Fiscal fourth-quarter revenues more than tripled year-over-year, reaching $22.1 billion, and demonstrated a 22% sequential increase. The company experienced robust growth in its Data Center end market, as well as higher sell-ins to partners in the Gaming and Professional Visualization end markets. These increases in revenue led to NVIDIA surpassing the consensus revenue estimate of $20.31 billion.

NVIDIA reports revenues under Graphics and Compute & Networking segments. Graphics accounted for 19% of fiscal fourth-quarter revenues, with a 77% year-over-year increase and a 21% sequential increase, reaching $4.21 billion. Compute & Networking represented 81% of revenues, witnessing a remarkable 387% year-over-year increase and a 22% sequential increase, reaching $17.9 billion.

Within the market platforms, Gaming revenues increased by 56% year-over-year, totaling $2.87 billion. Data Center revenues, representing 83.3% of total revenues, jumped by 409% year-over-year, reaching $18.4 billion. Professional Visualization revenues increased by 105% year-over-year, while Automotive sales dipped by 4% year-over-year. OEM and Other revenues saw a 7% year-over-year increase.

NVIDIA's non-GAAP gross margin increased to 76.7% from the year-ago quarter, driven by higher Data Center sales and favorable component costs. Non-GAAP operating expenses increased by 25% year-over-year, but declined as a percentage of total revenue. The company's non-GAAP operating income jumped by 563% year-over-year.

As of January 28, 2024, NVIDIA's cash, cash equivalents, and marketable securities stood at $25.98 billion, while its total long-term debt was $8.46 billion. The company generated $11.5 billion in operating cash flow for the quarter and ended fiscal 2024 with free cash flow of $26.95 billion.

Looking ahead, NVIDIA anticipates first-quarter fiscal 2025 revenues of $24 billion, with GAAP and non-GAAP gross margins projected at 73.6% and 77%, respectively. The company also expects GAAP and non-GAAP operating expenses of $3.5 billion and $2.5 billion, respectively.

Following its impressive performance, Zacks Investment Research has given NVIDIA a Zacks Rank #1 (Strong Buy). Investors can expect an above-average return from the stock in the coming months.

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