Despite Quarterly Revenue Fall, Nvdia Still Beats Expectations

Nvidia reported revenue for the fourth quarter ended January 29, 2023, of $6.05 billion, down 21% from a year ago and up 2% from the previous quarter. GAAP earnings per diluted share for the quarter were $0.57, down 52% from a year ago and up 111% from the previous quarter. Non-GAAP earnings per diluted share were $0.88, down 33% from a year ago and up 52% from the previous quarter.

For fiscal 2023, revenue was $26.97 billion, flat from a year ago. GAAP earnings per diluted share were $1.74, down 55% from a year ago. Non-GAAP earnings per diluted share were $3.34, down 25% from a year ago. During the fourth quarter of fiscal 2023, the company returned to shareholders $1.15 billion in share repurchases and cash dividends, bringing the return in the fiscal year to $10.44 billion.

"AI is at an inflection point, setting up for broad adoption reaching into every industry,“ said Jensen Huang, founder, and CEO of Nvidia. “From startups to major enterprises, we are seeing accelerated interest in the versatility and capabilities of generative AI. We are set to help customers take advantage of breakthroughs in generative AI and large language models. Our new AI supercomputer, with H100 and its Transformer Engine and Quantum-2 networking fabric, is in full production. Gaming is recovering from the post-pandemic downturn, with gamers enthusiastically embracing the new Ada architecture GPUs with AI neural rendering,“ Huang said.