NVIDIA Announces Financial Results for Third Quarter Fiscal 2023


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Simona JankowskiRobert Sherbin
Investor Relations Corporate Communications
NVIDIA CorporationNVIDIA Corporation
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b2b7b7d-12bb-4da3-a570-cce517e9f884

Certain statements in this press release including, but not limited to, statements as to: NVIDIA quickly adapting to the macro environment, correcting inventory levels and paving the way for new products; the ramp of NVIDIA’s new platforms forming the foundation of NVIDIA’s next phase of growth; NVIDIA’s pioneering work in accelerated computing being more vital than ever; AI demanding more computing; accelerated computing letting companies achieve orders-of-magnitude increases in productivity while saving money and the environment; NVIDIA’s next quarterly cash dividend; NVIDIA’s financial outlook for the fourth quarter of fiscal 2023; NVIDIA’s expected tax rates for the fourth quarter of fiscal 2023; the benefits, impact, performance, and availabilities of our products and technologies; NVIDIA H100 and Quantum-2 systems being broadly adopted; the multi-year collaboration with Microsoft to help enterprises train, deploy and scale AI, including state-of-the-art models; the multi-year partnership with Oracle to bring NVIDIA’s full accelerated computing stack to Oracle Cloud Infrastructure; the partnership with Nuance Communications to bring AI-based diagnostic tools to clinical radiologists; Rescale integrating NVIDIA AI Enterprise into its HPC-as-a-service offering; NVIDIA NeMo LLM and NVIDIA BioNeMo LLM enabling developers to easily adapt LLMs and deploy customized AI applications for content generation, text summarization, protein structure, biomolecular property predictions, and more; the second generation of NVIDIA OVX enabling the creation of 3D worlds with groundbreaking real-time graphics, AI and digital-twin simulation capabilities; the new data center solution delivering zero-trust security optimized for VMware vSphere 8 combining Dell PowerEdge servers with NVIDIA BlueField DPUs, NVIDIA GPUs and NVIDIA AI Enterprise software; NVIDIA Omniverse Cloud providing a comprehensive suite of cloud services for artists, developers and enterprise teams to access metaverse applications; ZEEKR integrating NVIDIA DRIVE Thor into electric vehicles in 2025; Hozon Auto’s Neta brand building future electric vehicles on the NVIDIA DRIVE Orin platform, enabling automated driving and intelligent features; new DRIVE IX ecosystem partners building on the company’s open AI cockpit software stack to deliver interactive features for vehicles; and the Jetson Orin Nano system-on-modules delivering up to 80x the performance over the prior generation for entry-level edge AI and robotics are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

© 2022 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce, GeForce NOW, GeForce RTX, Jetson Orin Nano, NVIDIA BioNeMo, NVIDIA BlueField, NVIDIA DRIVE, NVIDIA DRIVE Orin, NVIDIA DRIVE Thor, NVIDIA Hopper, NVIDIA NeMo, NVIDIA RTX, NVIDIA OVX and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability, and specifications are subject to change without notice.

 

 
NVIDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)
          
          
    Three Months Ended  Nine Months Ended
    October 30,  October 31,  October 30,  October 31,
     2022    2021       2022       2021  
                   
Revenue $ 5,931     $ 7,103     $ 20,923     $ 19,271  
Cost of revenue   2,754       2,472       9,400       6,795  
Gross profit   3,177       4,631       11,523       12,476  
Operating expenses              
  Research and development   1,945       1,403       5,387       3,802  
  Sales, general and administrative   631       557       1,815       1,603  
  Acquisition termination cost   -       -       1,353       -  
    Total operating expenses   2,576       1,960       8,555       5,405  
Income from operations   601       2,671       2,968       7,071  
  Interest income   88       7       152       20  
  Interest expense   (65 )     (62 )     (198 )     (175 )
  Other, net   (11 )     22       (29 )     160  
    Other income (expense), net   12       (33 )     (75 )     5  
Income before income tax   613       2,638       2,893       7,076  
Income tax expense (benefit)   (67 )     174       (61 )     327  
Net income $ 680     $ 2,464     $ 2,954     $ 6,749  
                   
Net income per share:              
  Basic $ 0.27     $ 0.99     $ 1.18     $ 2.71  
  Diluted $ 0.27     $ 0.97     $ 1.17     $ 2.67  
                   
Weighted average shares used in per share computation:            
  Basic   2,483       2,499       2,495       2,493  
  Diluted   2,499       2,538       2,517       2,532  
                   
                   
               
                   

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