---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/30133926.md"
description: "NVIDIA 1Q25 Quick Interpretation: The company's revenue performance this quarter was largely in line with expectations, while gross margin declined significantly, primarily due to the H20 ban this quarter, which resulted in approximately $4.5 billion in inventory impairment and related expenses. Excluding this factor, the company's gross margin would have returned to around 71%.Specifically, the company's gaming business was the most outstanding this quarter, with a year-on-year increase of 42%, mainly driven by shipments of the newly released RTX50 series graphics cards. The data center business, which the market is closely watching, performed moderately, as the GB300 is expected to enter mass production in Q2, making the market more optimistic about this product. As for the impact of the H20 incident, it had little effect on revenue this quarter, with the main impact expected in Q2 and Q3. The company's R&D expenses, sales, and administrative expenses remained stable or increased slightly, but overall expense ratios continued to decline due to strong revenue growth.Looking at the guidance for the next quarter, the company expects revenue of $45 billion, with a gross margin of 71.8%. The revenue is expected to be impacted by the H20 ban by approximately $8 billion, while the gross margin returning to around 72% indicates that inventory impairment has largely been completed this quarter.For detailed earnings analysis and discussion notes, stay tuned for updates from Dolphin Research.$NVIDIA(NVDA.US)"
datetime: "2025-05-28T23:33:05.000Z"
locales:
  - [en](https://longbridge.com/en/topics/30133926.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/30133926.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/30133926.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/30133926.md) | [简体中文](https://longbridge.com/zh-CN/topics/30133926.md)


# NVIDIA 1Q25 Quick Interpretation: The company's re…


### 相關股票

- [NVIDIA (NVDA.US)](https://longbridge.com/zh-HK/quote/NVDA.US.md)

## 評論 (12)

- **左手是3d投影 · 2025-05-29T07:29:55.000Z**: Great👍
- **新用户_eF2iam · 2025-05-29T05:06:57.000Z · 👍 1**: Question, why does inventory impairment affect gross profit margin? Shouldn't it be recorded as asset impairment loss and affect net profit margin?
- **國產零零發 · 2025-05-29T02:07:28.000Z**: Drive the entire market
- **恭喜发财℡ · 2025-05-29T01:47:32.000Z · 👍 2**: It's still the US stock market.
- **sniper13 · 2025-05-29T00:46:24.000Z**: Why did the night session surge unexpectedly?
  - **子鑫汇** (2025-05-29T00:57:43.000Z): Because the market had been pricing in a significant impact, now it's better than expected compared to a major impact 🤣
  - **sniper13** (2025-05-29T01:10:50.000Z): Understood! It means the negative news has been digested.
- **I'llI · 2025-05-29T00:28:52.000Z · 👍 4**: Further upside potential
- **苍井空不空 · 2025-05-29T00:28:47.000Z · 👍 1**: Got it right once, 😳
  - **Dolphin Research** (2025-05-29T01:28:09.000Z): Like👍
  - **新用户_j9bjKs** (2025-05-29T03:28:01.000Z): Dolphin Research, can I still get on board? I want to buy 2x long today.
- **晴色入青山 · 2025-05-29T00:05:07.000Z · 👍 3**: The strongest company financial report in the universe The most important company financial report in the universe