NVIDIA Releases Second Quarter Fiscal 2023 Preliminary Financial Results

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Last Updated on August 9, 2022 by Bitfinsider

Selected preliminary financial data for the second quarter ending July 31, 2022 were released today by NVIDIA (NASDAQ: NVDA).

Income for the second quarter is projected to be around $6.70 billion, down 19% from the prior quarter and up 3% from the same period the previous year, mostly due to lower gaming revenue than anticipated. The $2.04 billion in gaming revenue represents a sequential decline of 44% and an annual decline of 33%. Revenue from data centers reached $3.81 billion, up 1 percent from the previous quarter and 61 percent from the year before.

The decrease in sales of gaming items, which was reflected in a decline in channel partner sales, was principally responsible for the shortfall in comparison to the May revenue projection of $8.10 billion. This was most likely caused by macroeconomic headwinds. In order to reflect the difficult market conditions that are anticipated to continue into the third quarter, the business reduced sell-in and initiated pricing programs with channel partners.

Despite being a record, Data Center revenue fell slightly short of the company’s projections due to supply chain interruptions.

Based on updated forecasts for future demand, the second quarter results are anticipated to include roughly $1.32 billion in charges, largely for inventories and related reserves.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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