In what it described as a “challenging quarter” driven primarily by weaker gaming revenue, NVIDIA reported revenue of $6.70 billion for the second quarter ended July 31, 2022, up 3% from a year ago and down 19% from the previous quarter.
GAAP earnings per diluted share for the quarter were $0.26, down 72% from a year ago and down 59% from the previous quarter. Non-GAAP earnings per diluted share were $0.51, down 51% from a year ago and down 63% from the previous quarter.
NVIDIA said there was a steeper than expected decline in gaming revenue, which amounted to $2.04 billion, down 33% from a year ago and down 44% from the previous quarter. The company did not quantify the negative impact from crypto mining.
Data center revenue was $3.81 billion, up 61% from a year ago and up 1% from the previous quarter.
Automotive revenue was $220 million, up 45% from a year ago and up 59% from the previous quarter.
“We are navigating our supply chain transitions in a challenging macro environment and we will get through this,” said Jensen Huang, founder and CEO of NVIDIA.
“Accelerated computing and AI, the pioneering work of our company, are transforming industries. Automotive is becoming a tech industry and is on track to be our next billion-dollar business. Advances in AI are driving our Data Center business while accelerating breakthroughs in fields from drug discovery to climate science to robotics.
“I look forward to next month’s GTC conference, where we will share new advances in RTX, as well as breakthroughs in AI and the metaverse, the next evolution of the internet. Join us,” he said.
During the second quarter of fiscal 2023, NVIDIA returned to shareholders $3.44 billion in share repurchases and cash dividends, following a return of $2.10 billion in the first quarter. The company has $11.93 billion remaining under its share repurchase authorization through December 2023. NVIDIA plans to continue share repurchases this fiscal year.
https://investor.nvidia.com/events-and-presentations/events-and-presentations/event-details/2022/NVIDIA-2nd-Quarter-FY23-Financial-Results/default.aspx
