NVIDIA expects revenue to decline after disappointing quarterly

NVIDIA expects revenue to decline after disappointing quarterly

(Finance) – NVIDIAa US technology company that develops graphics processors, closed the second quarter of fiscal year 2023 (ended July 31, 2022) with enter equal to $ 6.70 billion, up 3% from a year ago and down 19% from the previous quarter. L’GAAP net income was $ 656 million (-72% yoy), or $ 0.26 per share, while thenon-GAAP net income was $ 1.29 billion, or $ 0.51 per share. Analysts, according to Refinitiv data, had expected earnings per share of $ 1.26 on revenues of $ 8.1 billion.

“We are going through the transitions in our supply chain in a challenging macro environment and we will overcome it, “said Jensen Huang, founder and CEO of NVIDIA.” Accelerated computing and AI, our company’s pioneering work, are transforming industries, “he added.automotive is becoming a technology industry and is well on its way to becoming our next billion dollar business. Advances in artificial intelligence are driving our data center business, while accelerating breakthroughs in fields such as fine climate science and robotics. “

For the third quarter for fiscal year 2023 the company he expects revenue was down 17% year-on-year to $ 5.90 billion, plus or minus 2%, compared to analysts’ average estimate of $ 6.95 billion.

Revenue related to professional games and visualizations is expected to decrease sequentially, since OEMs and channel partners reduce inventory levels to align with current levels of demand and prepare for the next generation of NVIDIA products. The company expects that decline will be partially offset by sequential growth in data centers and automotive.

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