Nvidia announced its financial report for the second quarter of the 2023 fiscal year (as of October 30, 2022) on Wednesday. Affected by the sluggish demand, the income of the game business, one of the pillar businesses, continued to decline, dragging down the overall revenue. The performance of the data center business is relatively stable, which has stabilized Nvidia’s recent financial decline to a certain extent. The timely launch of the A800 series computing cards has offset the impact of relevant export restrictions on performance to a certain extent.
The financial report shows that in the third fiscal quarter of the fiscal year 2023, Nvidia’s revenue was $5.931 billion, a year-on-year decrease of 17% and a month-on-month decrease of 12%; net profit was $680 million, a year-on-year decrease of 72%, a quarter-on-quarter increase of 4%, and diluted earnings per share of $0.27; among them, the game business revenue was $1.57 billion, a year-on-year decrease of 51% and a month-on-month decrease of 23%; data center business revenue was US$3.83 billion, an increase of 31% quarter-on-quarter and 1% year-on-year; the revenue of the visualization business is expected to be around $200 million, a year-on-year decrease of 65% and a quarter-on-quarter decrease of 60%; automotive revenue is expected to be $251 million, up 86% year-over-year and 14% quarter-over-quarter. In addition, Nvidia’s gross profit margin was 53.6%, down from 65.2% in the same period last year and up from 43.5% in the previous fiscal quarter.
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We are quickly adapting to the macro environment, correcting inventory levels and paving the way for new products,” said Jensen Huang, founder and CEO of NVIDIA.
“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 expects revenue in the fourth quarter of the fiscal year 2023 to be $6 billion, plus or minus 2%, slightly lower than analysts’ expectations of $6.09 billion, and the gross profit margin is around 66%. As of October 30, 2022, Nvidia’s stock repurchase program still has an authorized amount of $8.28 billion, and stock repurchases should continue during this fiscal year.
