NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2023

Record Quarterly Revenue of $22.1 Billion, Up 26.5% from Previous Year

SANTA CLARA, Calif., Feb. 22, 2023 – NVIDIA (NASDAQ: NVDA) today announced financial results for the fourth quarter and fiscal 2023. Revenue for the fourth quarter was a record $22.1 billion, up 26.5% from the previous year and 9.5% sequentially. GAAP and non-GAAP diluted earnings per share were $0.57 and $1.21, respectively.

Segment Highlights

Gaming: Revenue was $6.1 billion, down 33% year-over-year, impacted by ongoing macroeconomic headwinds and the cryptocurrency mining market collapse. However, it marked a slightly uptick from Q3 2023.

Data Center: Revenue surged 11% year-over-year to $3.6 billion, driven by strong demand for AI and cloud computing. This segment continued to be a major growth driver for NVIDIA.

Professional Visualization: Revenue increased 21% year-over-year to $2.6 billion, reflecting healthy demand across multiple end markets such as architecture, engineering, and entertainment.

Automotive: Revenue reached $1.6 billion, up 18% year-over-year, reflecting the growing adoption of AI-powered technologies in the automotive industry.

OEM & Other: Revenue was $8.2 billion, down 21% year-over-year, impacted by a decline in the cryptocurrency mining market and softening in the enterprise computing segment.

Financial Highlights

GAAP gross margin for the fourth quarter was 66.2%, compared to 52.9% a year ago. Non-GAAP gross margin was 67.0%, compared to 53.4% in Q4 2022.

GAAP operating expenses were $2.7 billion, up 23% year-over-year. Non-GAAP operating expenses were $2.2 billion, up 15% from the previous year.

For fiscal 2023, revenue was $60.5 billion, down 21% year-over-year. GAAP net loss was $1.4 billion, primarily due to inventory adjustments and restructuring charges. Non-GAAP net income was $8.4 billion, down 27% from fiscal 2022.

Outlook

For the first quarter of fiscal 2024, NVIDIA expects revenue in the range of $6.50 billion to $6.80 billion. GAAP gross margin is expected to be around 63.5%, while non-GAAP gross margin is anticipated to be approximately 65.5%. The company plans to continue investing in AI, cloud computing, and other strategic growth initiatives.

Conclusion

Despite macroeconomic challenges, NVIDIA delivered a record-breaking quarter and fiscal year, driven by strong demand for its AI and data center solutions. The company is well-positioned to capitalize on the growing adoption of AI and other emerging technologies in the future.