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NVIDIA Announces Financial Results for Second Quarter Fiscal 2023

  • Quarterly revenue of $6.70 billion, up 3% from a year ago
  • Data Center revenue of $3.81 billion, up 61% from a year ago
  • Quarterly return to shareholders of $3.44 billion

NVIDIA today reported revenue for the second quarter ended July 31, 2022, of $6.70 billion, 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.

“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.

NVIDIA will pay its next quarterly cash dividend of $0.04 per share on September 29, 2022, to all shareholders of record on September 8, 2022.

Q2 Fiscal 2023 Summary

GAAP ($ in millions, except earnings per share) Q2 FY23 Q1 FY23 Q2 FY22 Q/Q Y/Y Revenue $6,704   $8,288   $6,507   Down 19% Up 3% Gross margin   43.5%     65.5%     64.8%   Down 22.0 pts Down 21.3 pts Operating expenses $2,416   $3,563   $1,771   Down 32% Up 36% Operating income $499   $1,868   $2,444   Down 73% Down 80% Net income $656   $1,618   $2,374   Down 59% Down 72% Diluted earnings per share $0.26   $0.64   $0.94   Down 59% Down 72% Non-GAAP ($ in millions, except earnings per share) Q2 FY23 Q1 FY23 Q2 FY22 Q/Q Y/Y Revenue $6,704   $8,288   $6,507   Down 19% Up 3% Gross margin   45.9%     67.1%     66.7%   Down 21.2 pts Down 20.8 pts Operating expenses $1,749   $1,608   $1,266   Up 9% Up 38% Operating income $1,325   $3,955   $3,071   Down 66% Down 57% Net income $1,292   $3,443   $2,623   Down 62% Down 51% Diluted earnings per share $0.51   $1.36   $1.04   Down 63% Down 51%

Outlook

NVIDIA’s outlook for the third quarter of fiscal 2023 is as follows:

  • Revenue is expected to be $5.90 billion, plus or minus 2%. Gaming and Professional Visualization revenue are expected to decline sequentially,

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