NVIDIA Reports Strong First Quarter Revenue
Company Exceeds Expectations, Driven by Data Center and Gaming
Santa Clara, Calif. – August 23, 2023 –
NVIDIA (NASDAQ: NVDA) today reported revenue of $13.64 billion for the first quarter ended April 28, 2023, an increase of 46% year-over-year. The company also reported record revenue in its data center and gaming segments.
“Our strong first quarter results were driven by record revenue in our data center and gaming businesses,” said Jensen Huang, founder and CEO of NVIDIA. “The demand for NVIDIA’s AI computing platform is accelerating as more enterprises and cloud service providers adopt our technology to power their AI initiatives. We are also seeing strong demand for our gaming GPUs as gamers upgrade to our latest products.”
The company’s data center revenue grew 83% year-over-year to $3.26 billion. This growth was driven by strong demand for NVIDIA’s GPUs for AI training and inference, as well as its networking products.
NVIDIA’s gaming revenue grew 31% year-over-year to $5.66 billion. This growth was driven by strong demand for the company’s latest GeForce RTX GPUs, which are used in high-end gaming PCs.
The company’s professional visualization revenue declined 1% year-over-year to $501 million. This decline was due to lower demand for the company’s workstation products.
NVIDIA’s automotive revenue grew 59% year-over-year to $226 million. This growth was driven by strong demand for the company’s automotive AI chips, which are used in self-driving cars.
The company’s OEM and IoT revenue declined 2% year-over-year to $829 million. This decline was due to lower demand for the company’s Tegra chips, which are used in embedded devices.
NVIDIA’s non-GAAP diluted earnings per share for the first quarter was $1.36, an increase of 49% year-over-year.
The company’s cash and cash equivalents at the end of the first quarter were $22.3 billion.
NVIDIA’s outlook for the second quarter of fiscal 2024 is as follows:
- Revenue is expected to be $14.00 billion, plus or minus 2%
- Non-GAAP diluted earnings per share is expected to be $1.42, plus or minus 2%
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