On November 16, Nvidia reported its third-quarter financial results for the fiscal year 2023 (07/2022-10/2022). It reported a revenue of US$5.93 billion, a 17% YoY decrease, and a 12% QoQ decrease. In terms of gross margin, it reported a figure of 53.6%, an 11.6 point YoY decrease, and a 10.1 point QoQ increase
As with the individual performance of each product, the data center sector performed well, reporting a third-quarter revenue of US$3.83 billion, a 31% YoY increase and a 1% QoQ increase. The company has announced multi-year partnerships with Microsoft and Oracle. The former is to help train, deploy and scale AI through Microsoft Azure, while the latter is for Oracle's cloud infrastructure.
In regard to other sectors, gaming saw a third-quarter revenue of US$1.57 billion, a 51% YoY decrease and a 23% QoQ decrease. Professional visualization reported third-quarter revenue of US$200 million, a 65% YoY decrease and a 60% QoQ decrease. Automotive and embedded saw a third-quarter revenue of $251 million, an 86% YoY increase and a 14% QoQ increase.
According to Nvidia founder and CEO Jensen Huang, the company is currently adapting to the macro environment and correcting its inventory levels to pave way for new products.
"The ramp of our new platforms ― Ada Lovelace RTX graphics, Hopper AI computing, BlueField and Quantum networking, Orin for autonomous vehicles and robotics, and Omniverse ― is off to a great start and forms the foundation of our next phase of growth," he stated.
Looking towards the fourth quarter of FY23, Nvidia expected its revenue to be around US$ 6 billion, with a gross margin of around 63.2%.
