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NVIDIA has published its financial results for the quarter ended July 31, 2022 reporting quarterly earnings that missed Wall Street expectations for revenue.
According to the report, the company's revenue in Q2 2023 amounted to $6.7 billion, up 3% from a year ago. However, compared to the previous quarter its revenue saw a decrease of 19%. Meanwhile, NVIDIA's operating income, as well as net income, saw a significant decline compared to both the previous quarter and last year.
Operating income in the quarter was $499 million, down 73% from Q1 2023 and down 80% from Q2 2022, and net income amounted to $656 million, a decrease of 59% from the previous quarter and 72% from last year.
The company's Gaming division saw a 33% drop in revenue compared to a year ago and a 44% drop compared to the previous quarter reaching $2.04 billion. The Professional Visualization segment also showed a negative growth with its revenue amounting to $496 million, down 4% from Q2 2022 and down 20% from Q1. 2023.
The only division that saw growth was Automotive whose second-quarter revenue reached $220 million, a 45% increase from a year ago and a 59% increase from the previous quarter.
NVIDIA's quarterly results go in line with its preliminary earnings reported two weeks ago when the chipmaker warned that it would miss Wall Street estimates and that growth has slowed down due to lower sell-in of gaming products driven by macroeconomic conditions.
Based on the quarterly results, NVIDIA adjusted its forecasts for the third quarter of its fiscal year. Now, the company expects its revenue to be around $5.90 billion while Wall Street was looking for $6.9 billion, noting that revenues of its Gaming and Professional Visualization divisions are "expected to decline sequentially." The company, however, hopes that these declines will be partially offset by sequential growth in Data Center and Automotive divisions.
You can find NVIDIA's Q2 2023 report here. Also, don't forget to join our Reddit page and our Telegram channel, follow us on Instagram and Twitter, where we share breakdowns, the latest news, awesome artworks, and more.