Nvidia’s Latest Earnings: What They Mean for Your NVDA Stock in 2024

NVIDIA just dropped its latest earnings report, sending investors and market watchers into a frenzy. From soaring data center growth to the impact of US-China tech restrictions, there’s a lot packed into these results. If you own NVDA stock, plan to buy, or just follow the company closely, understanding what happened this quarter is more important than ever. Here’s a clear breakdown of the major highlights, why they matter, and what might come next for NVIDIA and its stock price.

https://www.youtube.com/watch?v=J0mR9bWN_S0

Nvidia’s Q1 Earnings Highlights and Market Reaction

NVIDIA’s latest financial numbers came in strong. The company once again beat Wall Street’s estimates, delivering both a revenue and earnings surprise. This isn’t new for NVIDIA—it’s the seventh consecutive quarter that the company has delivered a double beat (smashing expectations on both revenue and profits).

Here are the headline numbers:

Earnings per share (EPS): Adjusted EPS came in at 96 cents (reported by CNBC), ahead of the 93 cents expected. Seeking Alpha’s non-GAAP number showed 81 cents, beating estimates by 6 cents.
Revenue: The company reported $44.06 billion, beating the consensus of $43.31 billion. This is a jump of about 69-73% year-over-year.

Seventh-consecutive double beat: Investors have grown used to NVIDIA outperforming, but seven straight quarters of beating both revenue and earnings expectations is remarkable even for a company dominating AI hardware.

Why Guidance Was Below Consensus: The H20 Export Hit

Seasoned NVIDIA-watchers noticed guidance was slightly light. The revenue outlook for next quarter: $45 billion, compared to Wall Street’s consensus of $45.66 billion (plus or minus 2%).

Why was guidance a bit soft? It comes down to the impact of US government restrictions on AI chip exports to China. Here’s what happened:

On April 9, 2025, the US government required new licenses to export NVIDIA H20 products to China.
This move wiped out about $8 billion in H20 revenue for the year.
NVIDIA recorded a $4.5 billion charge in Q1 associated with excess H20 inventory and purchase obligations due to diminished demand.
Sales of H20 products hit $4.6 billion for the quarter, but NVIDIA couldn’t ship an additional $2.5 billion that had been expected.

In short, NVIDIA lost out on a $3.3 billion opportunity for the quarter because of these H20 export restrictions. Without the US ban, results would have been even more impressive.

Quick Summary: H20 Export Restriction Impact

$8 billion annual revenue lost due to US export rules to China
$4.5 billion non-cash charge recorded this quarter
$2.5 billion in expected sales unshipped in Q1
Beat would have been much larger without these restrictions

Margins Under Pressure

Another big theme: Gross margins—the percent of revenue left after accounting for cost of goods—have seen some pressure.

GAAP and non-GAAP gross margins: 60.5% and 61%, respectively
Excluding the $4.5 billion charge, NVIDIA’s margin would have been 71.3%. Just a few quarters ago, these numbers hovered closer to 75%.

A dip in gross margin can weigh on the stock in the short-term as investors worry about profit quality. Last quarter, margin compression contributed to some selling pressure.

Immediate Stock Reaction

Investors liked the report. Post-earnings, the stock jumped 3.81% in after-hours trading. Market optimism has not gone unnoticed.

For anyone seeking official numbers, see NVIDIA’s investor relations earnings report.

Nvidia’s Data Center Segment: The Growth Engine

Data Center revenue is the star of NVIDIA’s report. This segment makes up the biggest, fastest-growing part of the business and is the primary driver behind the company’s remarkable performance.

Q1 2024 Data Center Highlights

Data Center revenue: $39.1 billion
- Up 10% quarter-over-quarter
- Up 73% year-over-year

The growth here is staggering. Data Center sales have scaled from $10 billion (Q2 FY24) to nearly $40 billion today. This isn’t just fast growth—it’s explosive.

Data center momentum comes from NVIDIA’s leadership in AI infrastructure. Companies worldwide are scrambling to add AI computing power, and NVIDIA’s advanced GPUs are the hardware of choice.

Major Data Center Announcements

Some standout innovations and partnerships:

Launch of NVIDIA Blackwell Ultra and Dynamo, new supercomputers for next-gen AI work
US-based factories co-developed with partners to ramp AI supercomputer production
Strategic partnerships:
- Kingdom of Saudi Arabia to support the next wave of AI development
- Stargate: Next-gen AI cluster unveiled in Abu Dhabi, part of a collaboration with G42
- Deep collaborations with OpenAI, Oracle, SoftBank, Cisco, Foxconn, and the Taiwanese government for AI factory builds and supercomputers
Notable cloud and tech partners:
- Alphabet / Google
- Amazon Web Services (AWS)
- Microsoft Azure
- Oracle Cloud Infrastructure
NVIDIA Blackwell cloud instances are now available on AWS, Google Cloud, Azure, and Oracle Cloud Infrastructure, making access easier and faster for anyone building AI.
A new research center in Japan featuring the world’s quantum research supercomputer

Here’s a list to make it clear:

Key Data Center Initiatives:

New Blackwell and Dynamo AI supercomputers in full production
Next-gen Stargate AI cluster in the Middle East with G42 partnership
Multiple global partnerships expanding the AI infrastructure footprint
Core cloud products offered through the world’s top providers
Launch of a state-of-the-art quantum research supercomputer in Japan

Data Center Growth—Visual Perspective

If you were to look at NVIDIA’s quarterly revenue trends, you’d see data center numbers breaking away from the pack. The visual: Data Center leaps from $10B in Q2 FY24 to $39.1B in Q1 FY26.

“AI inference token generation has surged 10x in one year, as AI agents become mainstream. The demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure, just like electricity and the internet.”
—Jensen Huang, NVIDIA CEO

Want more background on these moves? Read NVIDIA’s AI infrastructure press releases.

Other Nvidia Business Segments Breakdown

While data center is the clear champion, other NVIDIA business units also posted noteworthy numbers:

Gaming

Record revenue: $3.8 billion
- Up 48% from last quarter
- Up 42% year-over-year

Gaming had slowed for a few quarters, so this bounce is significant. New chip launches and continued demand for high-performance gaming drives this segment.

Professional Visualization

Flat from the prior quarter
Up 19% over the last year

This segment is small compared to gaming and data centers, but it continues to post steady results. Professional visualization tech powers design, engineering, and creative industries.

Automotive & Autonomous Vehicles

Down 1% from Q4
Up 72% year-over-year

These numbers may seem mixed, but the annual growth is impressive. NVIDIA’s tech is being adopted by big names like Toyota and General Motors. Long-term, autonomous driving and robotics could become a major part of NVIDIA’s business.

At-a-Glance: Segment Growth Rates

Segment	QoQ Growth	YoY Growth
Data Center	+10%	+73%
Gaming	+48%	+42%
Professional Visualization	Flat	+19%
Automotive & AV	-1%	+72%

Data Center dominates not just in size but in momentum. Still, all these segments point to NVIDIA’s technology reaching further into new industries.

See more details in NVIDIA’s segment breakdown.

Nvidia Stock Performance & Technical Chart Analysis

NVIDIA stock has been on a wild ride, offering both stunning gains and sharp drops.

Price Action Recap

October 2022: Stock at $11
Ran all the way to ~$153 at the peak
Dropped to $86 in April 2024 (near halving from the high)
After the latest earnings, it jumped to $140.75 in after-hours trading

If you grabbed shares on the April dip, you got the same price as a year earlier, but with another year of massive business growth.

Analyst Price Targets (Before Earnings)

Highest: $200
Lowest: $100
Average: $164 (about 22% upside from recent prices)

These targets were set before these latest results and could rise as analysts update their models.

Key Technical Levels

Resistance: $150–$153 (past double top, psychological barrier)
Next levels: $165–$175 range
Ambitious: $200 (late 2024 or early 2025, depending on future results)

If the stock breaks $153, $165–$175 becomes the new range to watch, with $200 as a possible stretch goal if NVIDIA keeps delivering strong results.

For real-time pricing and technical charts, check out this NVDA chart on Yahoo Finance.

Personal Holdings and Strategy

The author notes holding NVIDIA since $3.95, with the stock as the largest position (about 13% of a $2.6 million taxable brokerage account—above a preferred 5% allocation). The conviction to hold despite past volatility comes from years of studying NVIDIA’s leadership in AI and data centers.

Buying the stock today may not be as compelling as it was at lower prices, but the long-term growth thesis remains strong.

Nvidia Capital Allocation and Shareholder Returns

Stock buybacks and dividends show how NVIDIA rewards shareholders, but also point to its confidence in future cash generation.

Recent Capital Return Moves

$14.1 billion spent on share repurchases this quarter
$244 million paid in dividends

With a company value above $3 trillion, these buybacks, while large in absolute terms, are moderate compared to NVIDIA’s total size.

Capital Return Highlights

Buybacks shrink the share count, boosting earnings per share over time
Dividends offer shareholders a steady cash return
Capital returns signal company confidence and steady financial health

See more details about these actions at NVIDIA’s investor relations buyback and dividend page.

Broader Nvidia Investment Thesis and Outlook

Few companies have the story, growth, and opportunities ahead like NVIDIA. The author of the analysis has been long since the stock was under $4 and has followed every earnings report since 2017. The conviction comes from seeing firsthand how NVIDIA shifted from a gaming-focused GPU producer to the backbone of global AI infrastructure.

Why There’s Still Room to Grow

We are about a third of the way through building out global AI data centers. That means 2–3 more years of big spending, which could lift NVIDIA revenue and profits even higher.

NVIDIA has set itself at the center of the AI revolution, building products that are foundational for everything from generative AI to autonomous vehicles.
CEO Jensen Huang describes AI as a new layer of infrastructure as important as electricity.

Long-term vision:
The author’s forecast: NVIDIA will reach a $5 trillion market cap. There’s no certainty on timing, but the optimism is clear.

Thoughts for Investors

If you already own NVIDIA, patience could pay off as the company continues to lead in AI.
If you’re new, avoid buying heavily at post-earnings highs—wait for better risk/reward setups.
Always remember portfolio risk. With 13% invested, the author broke a personal rule, usually capping any one position at 5%.

For more on NVIDIA’s role in AI’s future, read NVIDIA’s official AI strategy.

Bold conviction, deep research, and the patience to hold great companies is what has worked for the author—never blind following.

Additional Resources and Community Engagement

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This is not financial advice. Always do your own research and consult a professional before making financial decisions. Past performance does not guarantee future results.

Stay tuned—more updates will come as NVIDIA continues to shape the future of AI and technology. Thanks for reading, and have a great day!

Nvidia’s Latest Earnings: What They Mean for Your NVDA Stock in 2024

Nvidia’s Q1 Earnings Highlights and Market Reaction