NVIDIA CORP 10-K form for the fiscal year ended 2024-01-28, page 50: 
NVIDIA Corporation and Subsidiaries


Consolidated Statements of Income

(In millions, except per share data)|    |                                                        |              |        |              |        |              |        |        |    |        |
|---:|:-------------------------------------------------------|:-------------|:-------|:-------------|:-------|:-------------|:-------|:-------|:---|:-------|
|  1 |                                                        | Year Ended   |        |              |        |              |        |        |    |        |
|  2 |                                                        | Jan 28, 2024 |        | Jan 29, 2023 |        | Jan 30, 2022 |        |        |    |        |
|  3 | Revenue                                                | $            | 60,922 |              |        | $            | 26,974 |        | $  | 26,914 |
|  4 | Cost of revenue                                        | 16,621       |        |              | 11,618 |              |        | 9,439  |    |        |
|  5 | Gross profit                                           | 44,301       |        |              | 15,356 |              |        | 17,475 |    |        |
|  6 | Operating expenses                                     |              |        |              |        |              |        |        |    |        |
|  7 | Research and development                               | 8,675        |        |              | 7,339  |              |        | 5,268  |    |        |
|  8 | Sales, general and administrative                      | 2,654        |        |              | 2,440  |              |        | 2,166  |    |        |
|  9 | Acquisition termination cost                           | -            |        |              | 1,353  |              |        | -      |    |        |
| 10 | Total operating expenses                               | 11,329       |        |              | 11,132 |              |        | 7,434  |    |        |
| 11 | Operating income                                       | 32,972       |        |              | 4,224  |              |        | 10,041 |    |        |
| 12 | Interest income                                        | 866          |        |              | 267    |              |        | 29     |    |        |
| 13 | Interest expense                                       | (257)        |        |              | (262)  |              |        | (236)  |    |        |
| 14 | Other, net                                             | 237          |        |              | (48)   |              |        | 107    |    |        |
| 15 | Other income (expense), net                            | 846          |        |              | (43)   |              |        | (100)  |    |        |
| 16 | Income before income tax                               | 33,818       |        |              | 4,181  |              |        | 9,941  |    |        |
| 17 | Income tax expense (benefit)                           | 4,058        |        |              | (187)  |              |        | 189    |    |        |
| 18 | Net income                                             | $            | 29,760 |              |        | $            | 4,368  |        | $  | 9,752  |
| 20 | Net income per share:                                  |              |        |              |        |              |        |        |    |        |
| 21 | Basic                                                  | $            | 12.05  |              |        | $            | 1.76   |        | $  | 3.91   |
| 22 | Diluted                                                | $            | 11.93  |              |        | $            | 1.74   |        | $  | 3.85   |
| 24 | Weighted average shares used in per share computation: |              |        |              |        |              |        |        |    |        |
| 25 | Basic                                                  | 2,469        |        |              | 2,487  |              |        | 2,496  |    |        |
| 26 | Diluted                                                | 2,494        |        |              | 2,507  |              |        | 2,535  |    |        |
See accompanying notes to the consolidated financial statements.
50






Question: How has NVIDIA's Net Profit Margin changed from 2023 to 2024? 
Answer: Net Profit Margin is calculated using the formula: Net Profit Margin = (Net Income / Revenue) * 100.

For 2024:
Net Income = $29,760 million
Revenue = $60,922 million
Net Profit Margin = ($29,760 / $60,922) * 100 = 48.8%

For 2023:
Net Income = $4,368 million
Revenue = $26,974 million
Net Profit Margin = ($4,368 / $26,974) * 100 = 16.2%