NVIDIA Announces Preliminary Financial Results for Second Quarter Fiscal 2023 | NVIDIA Newsroom

Who Has the Cheapest Auto Insurance Quotes in Arizona? – ValuePenguin
  • preliminary second quarter revenue of $6.7 billion vs. $8.1 billion outlook
  • shortfall vs. outlook driven primarily by weaker gaming revenue
  • management will review the financial results and outlook in August. 24 earnings call

nvidia (nasdaq: nvda) today announced select preliminary financial results for the second quarter ended July 31, 2022.

Second-quarter revenue is expected to be approximately $6.7 billion, down 19% sequentially and up 3% from the prior year, primarily reflecting weaker-than-expected gaming revenue. gaming revenue was $2.04 billion, down 44% sequentially and down 33% from the prior year. Data center revenue was $3.81 billion, up 1% sequentially and up 61% from the prior year.

Reading: What time does nvidia report earnings today

The shortfall relative to the May revenue forecast of $8.1 billion was primarily attributed to lower gaming product sales reflecting reduced channel partner sales likely due to macroeconomic headwinds. In addition to reducing sales, the company implemented pricing programs with channel partners to reflect challenging market conditions that are expected to persist into the third quarter.

Data center revenue, while a record, was somewhat below company expectations as it was affected by supply chain disruptions.

Second quarter results are expected to include approximately $1.32 billion in charges, primarily for inventory and related reserves, based on revised expectations of future demand.

“Our projections for direct sales of gaming products decreased significantly as the quarter progressed,” said Jensen Huang, founder and CEO of NVIDIA. “As we expect macroeconomic conditions affecting direct sales to continue, we have taken steps with our gaming partners to adjust channel pricing and inventory. “nvidia has great products and a position to drive large and growing markets. As we meet these challenges, we remain focused on the once-in-a-generation opportunity to reinvent computing for the age of AI,” he said.

See also : Where to Look for Long-term Care Insurance | ACL Administration for Community Living

“The significant charges incurred in the quarter reflect prior long-term purchase commitments we made during a time of severe component shortages and our current expectation of ongoing macroeconomic uncertainty,” said Colette Kress, EVP and CFO of NVIDIA. .

“We believe our long-term gross margin profile is intact. we have slowed operating expense growth, balancing investments for long-term growth while managing short-term profitability. we plan to continue share buybacks as we anticipate strong cash generation and future growth,” he said.

1 announced in May 2022 in connection with the company’s press release announcing its financial results for the first quarter of fiscal 2023.

Preliminary results for the second quarter ended July 31, 2022 are an estimate, based on information available to management as of the date of this release, and are subject to further change at the end of the standard quarter and year of the company. finalize the closing procedures. This update does not present all of the information necessary to understand NVIDIA’s financial condition as of the date of this release, or its results of operations for the second quarter. As NVIDIA completes its quarter-end financial close process and finalizes its financial statements for the quarter, it will be asked to make significant judgments in a number of areas. NVIDIA may be able to identify items that require adjustments to the preliminary financial information set forth above and those changes could be material. NVIDIA does not intend to update such financial information prior to the release of its final second quarter financial information, which is currently scheduled for August 1. 24, 2022.

conference call and webcast information nvidia will hold a conference call on Wednesday, August 2nd. 24, at 2 p.m. pt (5 p.m. et.), to discuss its financial results for the second quarter of fiscal 2023.

The call will be broadcast live over the internet (in listen-only mode) at inverter.nvidia.com. Company-prepared remarks will be followed by a question-and-answer session, which will be limited to questions from financial analysts and institutional investors.

See also : Who Has the Cheapest Auto Insurance Quotes in Arizona? – ValuePenguin

Prior to the call, nvidia will provide a written commentary on second quarter results from its chief financial officer, colette kress. this material will be posted on inverter.nvidia.com immediately after the company’s results are publicly announced at approximately 1:20 p.m. m. pt.

The webcast will be recorded and available for playback until the company’s conference call to discuss third quarter fiscal 2023 financial results.

non-gaap measures in addition to us measures. uu. GAAP Financial Measures This news release includes preliminary estimates of non-GAAP measures of certain components of financial performance. These preliminary estimates of non-GAAP measures include non-GAAP gross margin, operating expenses, other income and expenses, and income tax expense.

These non-gaap financial measures exclude stock-based compensation expense, acquisition-related and other costs, gains or losses on unaffiliated investments, interest expense related to debt discount amortization, and the associated tax impact of these items, where applicable.

An updated preliminary reconciliation of gaap to non-gaap gross margin, operating expenses, other income and expenses, and tax rate is as follows:

nvidia believes that presenting its financial measures without gaps enhances the user’s overall understanding of the company’s financial performance. The presentation of the company’s non-GAAP financial measures should not be considered in isolation from or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different. of non-GAAP measures used by other companies.

Source: https://amajon.asia
Category: Other

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button