- Nvidia reported revenue for the third quarter of $5.93 billion, down 17% from a year ago and down 12% from the previous quarter.
- GAAP earnings per diluted share for the quarter were $0.27, down 72% from a year ago and up 4% from the previous quarter.
- For the fourth quarter, Nvidia announced that the company is expecting revenue to be $6.00 billion, plus or minus 2%.
Nvidia reported its financial results for the third quarter of the fiscal year 2023. According to the announcement, the company reported $5.93 billion in revenue, down 17% from a year ago and down 12% from the previous quarter. The company also updated its outlook for the fourth quarter of fiscal 2023.
Decreased by 17% year-over-year
Nvidia’s GAAP earnings per diluted share for the quarter were $0.27, down 72% year-over-year and up 4% compared to the previous quarter. Non-GAAP earnings per diluted share were $0.58, down 50% from a year ago and up 14% from the previous quarter.
Nvidia has returned to shareholders $3.75 billion in share repurchases and cash dividends during the third quarter. It brings the return in the first three quarters to $9.29 billion. Nvidia had $8.28 billion remaining under its share repurchase authorization as of October 30, 2022, through December 2023. Nvidia’s outlook for the fourth quarter of fiscal 2023 is as follows:
- Revenue is expected to be $6.00 billion, plus or minus 2%.
- GAAP and non-GAAP gross margins are expected to be 63.2% and 66.0%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $2.56 billion and $1.78 billion, respectively.
- GAAP and non-GAAP other income and expenses are expected to be an income of approximately $40 million, excluding gains and losses from non-affiliated investments.
- GAAP and non-GAAP tax rates are expected to be 9.0%, plus or minus 1%, excluding any discrete items.
Jensen Huang, founder and CEO of Nvidia said,
« We are quickly adapting to the macro environment, correcting inventory levels, and paving the way for new products. The ramp of our new platforms, Ada Lovelace RTX graphics, Hopper AI computing, BlueField, and Quantum networking, Orin for autonomous vehicles and robotics, and Omniverse is off to a great start and forms the foundation of our next phase of growth.
Nvidia’s pioneering work in accelerated computing is more vital than ever. Limited by physics, general purpose computing has slowed to a crawl, just as AI demands more computing. Accelerated computing lets companies achieve orders-of-magnitude increases in productivity while saving money and the environment. »