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NVIDIA Releases Financial Results for First Quarter Fiscal 2023

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NVIDIA Releases Financial Results for First Quarter Fiscal 2023 thumbnail
  • Nvidia shares financial results for the first quarter of fiscal 2023.
  • There is a decrease in revenue prediction tied to inflation, COVID-19, and the Russo-Ukraine crisis.
  • Revenue increased by 46% to a new high of $8.29 billion in the first quarter ending May 1.

Nvidia today announced record sales of $8.29 billion for the first quarter ending May 1, 2022, up by 46% year over year and 8% year over quarter, with high revenue in data center and gaming.

The quarter’s GAAP profits per diluted share were $0.64, down 16% year over year and 46% from the prior quarter, with an after-tax effect of $0.52 attributable to the $1.35 billion Arm purchase cancellation fee. Non-GAAP diluted profit per share was $1.36, up by 49% year over year and 3% from the past quarter.

The adjusted profits per share of $1.36 outperformed the $1.30 consensus forecast. Nvidia, on the other hand, forecasted revenues of $8.10 billion for the fiscal second quarter, which fell short of the $8.399 billion average expectation.

Nvidia failed to disclose that crypto mining was a substantial source of its 2018 income, according to the US Securities and Exchange Commission (SEC), and the firm agreed to pay a $5.5 million fine to resolve the claims.

Nvidia attributed the year-over-year drop to a drop in CMP revenue, which was $0 in the quarter compared to $155 million a year ago. The company did not provide particular revenue figures for CMP during the quarter.

As consumers consider expenditures, such as computers and video game consoles, worries about inflation are extending throughout the United States market. The decreased revenue prediction includes a $500 million drop in revenue related to Russia and China’s COVID lockdowns.

The $500 million estimate comprised around $400 million in costs of lost gaming revenues in China and Russia, as well as another $100 million in missed data center sales in Russia, according to Chief Financial Officer Colette Kress.

She added that as more businesses move to the cloud and incorporate artificial intelligence into their operations, demand from data center clients has remained high.

Automotive sales will reportedly help counterbalance the fall in gaming. Revenue from data centers reached a new high of $3.75 billion in the first quarter, increasing 83% year over year. Gaming revenue reached a new high of $3.62 billion in the first quarter, increasing 31% year over year.

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Bitcoin · Crypto Market · Market · Market News · News · Nvidia · SEC

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