Nvidia's Q4 2024 Earnings Call: Navigating Contradictions in Advertising Revenue and AI Strategies

These are the key contradictions discussed in Nvidia's latest 2025 Q3 earnings call, specifically including: Blackwell production and supply chain constraints, gross margin expectations, and issues with product roadmap execution and supply chain:



Operating Efficiency Improvements:
- 36Kr reported a 50% decrease in operating expenses in the second half of 2024 compared to the same period in 2023, with a 17% decrease in the ratio of operating expenses to total revenue.
- This was driven by rigorous cost control, optimization of gross margin, and efficiency enhancement initiatives including office relocation and workforce optimization.

Advertising Revenue and Strategy:
- The company's online advertising services revenue was $100.2 million in the second half of 2024, down from $139.8 million in the same period of 2023.
- The decline was due to proactive optimization of advertising products and customer base, focusing on high-quality customers and stable key accounts, despite macroeconomic uncertainties.

Global Expansion and AI Applications:
- 36Kr expanded its global footprint, launching 36Kr Europe and the Beijing International Chamber of Commerce Global Expansion Service Committee.
- The company remained focused on AI innovation, integrating AI tools like AI text to image and AI financial report interpretation, enhancing content production efficiency and expanding AI applications across diverse business scenarios.

Enterprise Value Added Services and Outlook:
- Enterprise value added services revenue decreased to $19.4 million in the second half of 2024 from $40.5 million in the same period of 2023.
- The decline was primarily due to strategic restructuring and optimizing low-margin, unprofitable government projects. Future plans include continuing legacy IP events and expanding global expansion initiatives to drive revenue growth.